American Skandia Trust

Repurchase Agreement — 0.6%

Merrill Lynch & Co., Inc.

1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $ 2,097,311 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN] (c), par value $2,573,167, market value including accrued interest $2,160,149)(b)

N-CSR 1 dncsr.htm AMERICAN SKANDIA TRUST American Skandia Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-5186

American Skandia Trust

(Exact name of registrant as specified in charter)

Gateway Center 3,

100 Mulberry Street,

Newark, New Jersey

07102

(Address of principal executive offices)

(Zip code)

Marguerite E. H. Morrison

Gateway Center 3,

100 Mulberry Street,

Newark, New Jersey 07102

(Name and address of agent for service)

Registrant’s telephone number, including area code: 973-367-7525

Date of fiscal year end: 12/31/03

Date of reporting period: 12/31/03

Item 1—Reports to Stockholders—[ INSERT REPORT ]

AMERICAN SKANDIA LIFE ASSURANCE CORPORATION

VARIABLE ACCOUNT B

VARIABLE ACCOUNT F

Financial Statements

For the Year Ended

December 31, 2003

This report has been prepared to provide information to owners of American Skandia Life Assurance Corporation’s Annuities. Investors should consider the contract and the underlying portfolios’ investment objectives, risks, and charges and expenses carefully before investing. The contract’s prospectus and the underlying portfolios prospectus contain information relating to investment objectives, risks, and charges and expenses as well as other important information. Contact your financial professional for the prospectuses together with the applicable prospectuses for the American Skandia Trust, Gartmore Variable Investment Trust, Wells Fargo Equity Value, Wells Fargo Equity Income, INVESCO Variable Investment Funds, Prudential Series Fund SP Jennison International Growth Portfolio and First Trust 10 Uncommon Values. You should read the prospectuses carefully before investing or sending money.

LOGO

IFS-2004-A087705

AMERICAN SKANDIA TRUST

Annual Report

December 31, 2003

American Skandia, Inc.

One Corporate Drive

P.O. Box 883

Shelton, CT 06484-0883

Telephone: (203) 926-1888

January 30, 2004

Dear Contract Owner,

The past year presented a welcome change for equity investors. Several years of corporate belt-tightening paid off in a swift upswing in profits when economic growth picked up. Stock prices rose in anticipation of further profitability improvements in 2004. The gradual economic acceleration raised no fears of inflation or industrial bottlenecks, so interest rates stayed low. As a result, bondholders also had a good year.

The year 2003 was noteworthy for Prudential Financial. We successfully joined American Skandia and Prudential Annuities to create a strong, innovative organization. More clients are entrusting their retirement savings to us, and our market share continues to grow. As of September 30, we ranked sixth in advisor-sold variable annuity sales.

Despite this good news, the industry faces a number of challenges. Market timing and late trading have been the subject of attention by the regulators and investment management industry. Please be assured that Prudential Financial takes these issues very seriously. We are committed to protecting the interests of our contract holders.

Thank you for your confidence in our products. We look forward to continuing to serve your investment needs.

Sincerely,

LOGO

David R. Odenath, Jr.

President,

Prudential Annuities

Annuities are sold by prospectus, which contains complete information on risk factors, fees and surrender charges, as well as conditions, limitations and terms for keeping it in force that may apply. Your licensed financial professional can provide you with costs and complete details. Annuities are issued by American Skandia Life Assurance Corporation (“American Skandia”) and distributed by American Skandia Marketing, Incorporated. American Skandia is solely responsible for its respective financial condition and contractual obligations. Guarantees are based on the claims-paying ability of the issuing company. Both companies are located at One Corporate Drive, P.O. Box 883, Shelton, CT 06484. All are Prudential Financial Companies.

TABLE OF CONTENTS


I. American Skandia Trust

Performance Information and Commentary		1

Schedules of Investments:

AST Strong International Equity Portfolio		45

AST William Blair International Growth Portfolio		47

AST American Century International Growth Portfolio		49

AST DeAM International Equity Portfolio		53

AST MFS Global Equity Portfolio		58

AST PBHG Small-Cap Growth Portfolio		61

AST DeAM Small-Cap Growth Portfolio		65

AST Federated Aggressive Growth Portfolio		70

AST Goldman Sachs Small-Cap Value Portfolio		74

AST Gabelli Small-Cap Value Portfolio		79

AST DeAM Small-Cap Value Portfolio		87

AST Goldman Sachs Mid-Cap Growth Portfolio		91

AST Neuberger Berman Mid-Cap Growth Portfolio		94

AST Neuberger Berman Mid-Cap Value Portfolio		97

AST Alger All-Cap Growth Portfolio		100

AST Gabelli All-Cap Value Portfolio		103

AST T. Rowe Price Natural Resources Portfolio		109

AST Alliance Growth Portfolio		112

AST MFS Growth Portfolio		115

AST Marsico Capital Growth Portfolio		119

AST Goldman Sachs Concentrated Growth Portfolio		122

AST DeAM Large-Cap Growth Portfolio		124

AST DeAM Large-Cap Value Portfolio		128

AST Alliance/Bernstein Growth & Value Portfolio		132

AST Sanford Bernstein Core Value Portfolio		135

AST Cohen & Steers Realty Portfolio		139

AST Sanford Bernstein Managed Index 500 Portfolio		141

AST American Century Income & Growth Portfolio		146

AST Alliance Growth and Income Portfolio		151

AST MFS Growth with Income Portfolio		154

AST INVESCO Capital Income Portfolio		158

AST DeAM Global Allocation Portfolio		162

AST American Century Strategic Balanced Portfolio		163

AST T. Rowe Price Asset Allocation Portfolio		171

AST T. Rowe Price Global Bond Portfolio		198

AST Federated High Yield Portfolio		209

AST Lord Abbett Bond-Debenture Portfolio		222

AST DeAM Bond Portfolio		231

AST PIMCO Total Return Bond Portfolio		235

AST PIMCO Limited Maturity Bond Portfolio		244

AST Money Market Portfolio		250

Financial Statements		252

II. Gartmore Variable Investment Trust-GVIT Developing Markets

III. Wells Fargo Equity Value

IV. Wells Fargo Equity Income

V. INVESCO Variable Investments Funds, Inc.

VI. Prudential Series Fund SP Jennison International Growth Portfolio

VII. First Defined-10 Uncommon Values

Performance Information and Commentary

The following pages present information on the investment performance of each Portfolio, which had been in operation for six months or more at December 31, 2003, including comparisons with relevant market indexes. Commentary by each Portfolio’s sub-advisor regarding its performance and relevant market conditions is also provided.

Explanations of Market Indexes

Balanced Blended Index — The Balanced Blended Index is calculated by weighting the S&P 500 Index at 60% and the Lehman Brothers Aggregate Bond Index at 40%. The Lehman Brothers Aggregate Bond Index is an unmanaged index comprised of more than 5,000 government and corporate bonds.

Blended Index — The Blended Index is calculated by weighting the Russell 3000 Index at 50%, the Lehman Brothers Aggregate Bond Index at 40% and the MSCI EAFE Index at 10%. The Russell 3000 Index is an unmanaged capitalization-weighted index which is comprised of 3,000 of the largest capitalized U.S. domiciled companies whose common stock is traded in the U.S. on the New York Stock Exchange, American Stock Exchange and over-the-counter market.

LB Aggregate Index — The Lehman Brothers Aggregate Bond Index is an unmanaged capitalization-weighted measure of treasury issues, agency issues, corporate bond issues and mortgage securities.

LB Global Aggregate Index — The Lehman Brothers Global Aggregate Bond Index is an unmanaged measure of the global investment grade bond markets and is composed of the U.S. Aggregate Index, Pan European Aggregate Index, Asian-Pacific Aggregate Index and treasury obligations of Australia, Canada and New Zealand.

ML 1-3 Year Index — The Merrill Lynch 1-3 Year Treasury Index is an unmanaged index of treasury issues with maturities ranging from 1-2.99 years.

ML U.S. High Yield Master II Index — The Merrill Lynch U.S. High Yield Master II Index is an unmanaged index of publicly traded non-convertible U.S. bonds rated below investment grade.

MSCI EAFE Index — The Morgan Stanley Capital International Europe, Australasia, Far East Index is an unmanaged capitalization-weighted index generally accepted as a benchmark for major overseas markets.

MSCI World Index — The Morgan Stanley Capital International World Index is an unmanaged capitalization-weighted index which includes the equity markets of Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Malaysia, Netherlands, New Zealand, Norway, Singapore, Spain, Sweden, Switzerland, United Kingdom and United States.

NAREIT Index — The NAREIT Equity REIT Index is an unmanaged capitalization-weighted index comprised of all tax-qualifed Real Estate Investment Trusts listed on the New York Stock Exchange, American Stock Exchange and Nasdaq National Market System.

Russell 2000 Index — The Russell 2000 Index is an unmanaged capitalization-weighted index which is comprised of 2,000 of the smallest capitalized U.S. domiciled companies whose common stock is traded in the U.S. on the New York Stock Exchange, American Stock Exchange and over-the-counter market.

Performance Information and Commentary (Continued)

Russell 2000 Growth Index is a market cap-weighted index that measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

SB Extended Market Index — The Salomon Brothers Extended Market Index is an unmanaged capitalization-weighted index of the smallest 20%, based on market capitalization, of all institutionally available non-U.S. stocks.

S&P 500 Index — The Standard & Poor’s 500 Index is an unmanaged capitalization-weighted measure of 500 widely held common stocks listed on the New York Stock Exchange, American Stock Exchange, and over-the-counter market.

S&P MidCap 400 Index is a widely accepted, unmanaged total return index measuring the performance of the mid-size company segment of the U.S. stock market.

All index returns assume reinvestment of dividends and, unlike Portfolio returns, do not reflect any fees or expenses. It is not possible to invest directly in an index.

AST Strong International Equity Portfolio

The AST Strong International Equity Portfolio had a total return of 30.60% for the year ended December 31, 2003, compared with a return of 38.59% for the unmanaged MSCI EAFE Index.

All major international equity markets and all global economic sectors enjoyed double-digit gains in U.S. dollars in 2003. Performance was best among emerging markets, where falling interest rates, attractive valuations, and accelerating growth prospects sparked investor sentiment. The Portfolio’s investments in Brazil and Mexico, in particular, were beneficiaries of this trend. Asian markets also posted strong returns, particularly in the second half of the year. The Portfolio’s holdings in the region were focused on beneficiaries of China’s rapid expansion and its positive influence on regional trade and development, as well as corporate restructuring efforts in Japan. The European markets had less dramatic performance in local currencies, reflecting the struggling regional economy. Germany was a notable exception, rebounding more than Europe as a whole, just as it had fallen more in previous years. We increased the Portfolio’s allocation to Germany with an emphasis on companies we believe are poised for a significant earnings recovery in spite of the strong euro.

The strength of key currencies compared to the U.S. dollar was a major factor in the Portfolio’s results. Its balance of currency exposures contributed to the below-benchmark return. Moreover, our international equity investment process emphasizes large-capitalization companies that demonstrate high-quality attributes, including solid balance sheets, consistent growth in earnings, and proven business development strategies. In 2003, however, the greatest returns came to stocks of small-capitalization companies or firms with highly leveraged balance sheets, a history of poor acquisition strategies, and volatile earnings results. Therefore, the Portfolio did not participate fully in the market’s dramatic recovery.

LOGO


	1 Year		5 Year			10 Year
AVERAGE ANNUAL TOTAL RETURNS	30.60	%	–	0.14	%	5.72	%

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

The portfolio invests in foreign securities that are subject to the risk of currency fluctuation and the impact of social, political, and economic changes.

AST William Blair International Growth Portfolio

For the year ended December 31, 2003, the AST William Blair International Growth Portfolio had a total return of 39.95%, compared with a return of 38.59% for the unmanaged MSCI EAFE Index.

After bottoming in March, global markets rallied strongly through year-end as economic activity accelerated and the threats of conflict and SARS receded. Global market returns were broadly driven by economic growth prospects: Asian markets, led by China’s boom, performed best, followed by the United States, while Europe lagged significantly. Substantial appreciation of European currencies, the Japanese yen, and even stronger gains by the Australian and Canadian dollars against the U.S. dollar helped the Portfolio’s return. The Portfolio benefited from an allocation favoring the Pacific Rim markets. Japan, Australia, Hong Kong, and other Asian markets were its best-performing areas. Absolute and relative returns also stood out in Canada and Latin America, albeit with smaller portfolio allocations. In terms of economic sectors, technology and consumer cyclicals (including retailing and consumer electronics) were the best contributors. A wide range of holdings benefited from consumer technology purchases of wireless telecommunications devices, digital cameras, flat-panel displays and televisions, notebook computers, and computer printers.

The Portfolio’s best-performing stocks included Research In Motion, producer of the Blackberry wireless device, which made significant progress in solidifying its leadership with new products and distribution deals. Techtronic Industries continued to gain share in the tool market with its Ryobi and Ridgid brands. Christian Dior benefited from strong design momentum and a solid brand portfolio. Nitto Denko, which manufactures largely technology-related materials and chemicals, was another strong performer.

LOGO


	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	39.95	%	1.86	%	6.09	%

The portfolio invests in foreign securities that are subject to the risk of currency fluctuation and the impact of social, political, and economic changes.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST American Century International Growth Portfolio

The AST American Century International Growth Portfolio had a total return of 25.01% for the year ended December 31, 2003, compared to a return of 38.59% for the unmanaged MSCI EAFE Index.

The Portfolio’s financial holdings posted the largest contribution to its return, but also detracted most from its performance relative to the MSCI EAFE Index. Bank holdings, which represented the Portfolio’s heaviest average industry-level weighting, drove its gains. For example, France’s Societe Generale, a top-10 holding at the end of the period, made the largest contribution of the bank positions. However, the Portfolio’s lack of Japanese banks proved especially damaging to its relative performance. Japan has some of the world’s largest banks (in terms of assets), but many of them carry billions of dollars in bad debt. The Portfolio was underweight in many of those companies, and its lighter position detracted from its relative performance when the share prices of Japanese banks advanced during the last six months of the year.

Gains in telecommunications came as improving business conditions lifted the stocks of companies that provide mobile-phone service. France Telecom and Vodafone Group were the Portfolio’s top contributors in the group. The Portfolio’s technology stake also advanced, led by holdings in the electrical equipment and semiconductor industries.

Only the industrials sector detracted from the Portfolio’s absolute returns, with the industrial parts industry declining most.

LOGO


	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	25.01	%	0.29	%	4.79	%

The portfolio invests in foreign securities that are subject to the risk of currency fluctuation and the impact of social, political, and economic changes.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST DeAM International Equity Portfolio

For the year ended December 31, 2003, the AST DeAM International Equity Portfolio had a total return of 33.91%, compared with a return of 38.59% for the unmanaged MSCI EAFE Index and a return of –6.89% for the unmanaged Salomon Brothers Extended Market Index.

The reporting period was one of the strongest 12 months ever for international markets, which performed significantly better than U.S. equities, as measured by the Russell 1000 Index (29.89%). Although the increasing likelihood of war in Iraq threatened to derail gains made early in the year, markets began to rally again in anticipation of a shorter war than had been previously expected. Some central banks moved to increase interest rates, which is usually a reaction to an expected economic acceleration. Together with productivity increases, this led investors to assume that the global recession was ending and to bid share prices higher.

The Portfolio had positive returns in all countries except Luxembourg (a single position). It had average returns above 30% in both the United Kingdom and Japan, its two largest country exposures. In Japan, markets responded favorably to a stabilizing economy and recent economic reforms. The Portfolio’s highest-returning industry exposure was its software stocks. However, the financial sector is by far the largest in the international markets and also in the Portfolio. As a result, bank holdings, taken together, made the largest contribution to the Portfolio’s return.

The largest factors in the Portfolio’s underperformance of the MSCI EAFE Index was its stock selection in the capital goods industry group and in Japan. Its strongest relative performance was in automobiles and components and in Switzerland.

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	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	33.91	%	–0.08	%	3.21	%

Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Part of the historical performance of the Portfolio is due to purchases of securities sold in Initial Public Offerings (“IPOs”). There is no guarantee that the Portfolio’s investments in IPOs, if any, will continue to have a similar impact on the Portfolio’s performance.

The portfolio invests in foreign securities that are subject to the risk of currency fluctuation and the impact of social, political, and economic changes.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST MFS Global Equity Portfolio

For the year ended December 31, 2003, the AST MFS Global Equity Portfolio had a total return of 27.14%, compared with a return of 33.11% for the unmanaged MSCI World Index.

A global equity rally dominated returns in 2003, enhanced for U.S. investors in overseas stock markets by the decline of the dollar relative to other currencies. Despite a high absolute return, the Portfolio trailed its benchmark. Syngenta and Akzo Nobel were significant detractors. Swiss agricultural chemical firm Syngenta’s earnings were hurt by pricing competition, higher pension fund costs, and a rising euro that lowered the euro value of U.S. sales. Akzo Nobel, a Netherlands-based chemical and pharmaceutical firm, experienced problems with its drug business, and we sold the Portfolio’s position. Positions in industrial gas companies, such as British firm BOC Group and American firm Praxair, generally underperformed the overall market.

French information technology consulting firm Cap Gemini Ernst & Young, was one of the Portfolio’s top-performing individual holdings. We sold the stock when it reached our target price. Retailing and utilities and communications were the Portfolio’s strongest-performing sectors over the period. Strong consumer spending helped our holding in U.K. fashion retailer Next. In the United States, our position in Home Depot benefited from a booming housing market. In utilities and communications, Spanish electric utility Iberdrola, Spanish telecommunications firm Telefonica, and Japanese cellular provider KDDI were strong performers. Iberdrola stock rose as demand for electricity increased while the company continued to lower its cost of production. Telefonica stock benefited from an improving Spanish economy. KDDI did well as the company increased its market share and became more profitable. In the financial services area, Australian insurer QBE Insurance Group, contributed strongly to portfolio performance. The firm, which is the largest corporate member of the Lloyd’s of London syndicate, benefited from improving policy prices over the past couple of years.

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	1 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	27.14	%	0.69	%

The portfolio invests in foreign securities that are subject to the risk of currency fluctuation and the impact of social, political, and economic changes.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST PBHG Small-Cap Growth Portfolio

For the year ended December 31, 2003, the AST PBHG Small-Cap Growth Portfolio had a total return of 45.24%, compared with a return of 47.25% for the unmanaged Russell 2000 Index. Small-cap growth stocks outperformed their value counterparts, as the unmanaged Russell 2000 Growth Index returned 48.54%.

The Portfolio is managed in two parts to manage risk while increasing exposure where we think the opportunities are greatest. A portion of the Portfolio’s assets are managed in an aggressive growth style, where, in 2003, we maintained considerably greater exposure to technology than the Russell 2000 Growth Index. This paid off in several substantial gains. One of the largest contributors to performance was SanDisk Corporation. There continues to be burgeoning demand and very firm pricing for its flash memory devices for consumer electronics. Other strong technology holdings included Omnivision Technologies and Foundry Networks. The performance of the aggressive portion of the Portfolio was hurt by a few healthcare positions, such as Accredo Health and Surmodics, Inc. In 2003, we sold positions in PEC Solutions, Immucor, and Tradestation due to earnings disappointments.

The balance of the Portfolio is managed in a growth-at-a reasonable-price (GARP) style. Its relative performance was hurt by a lack of exposure to the richly valued biotechnology industry. Several new drug approvals spurred strong stock performances. The GARP holdings were also hurt by energy positions. Nonetheless, we continued to increase our weighting to this sector as we believe valuations remain attractive and industry supply fundamentals strong. Some individual positions detracted from the Portfolio’s return, including Atlantic Coast Airlines, a regional carrier that lost its relationship with United Airlines. The stock has since been sold. Some stock selections in the consumer cyclical sector also performed poorly during the period. On the positive side, holdings in asset management benefited from an improving stock market, while some bank holdings also posted strong results.

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	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	45.24	%	2.25	%	7.79	%

Investing in small- and medium-size companies may cause the portfolio to be subject to significant price fluctuation and above average risks.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST DeAM Small-Cap Growth Portfolio

For the year ended December 31, 2003, the AST DeAM Small-Cap Growth Portfolio had a total return of 47.58%, in line with the unmanaged Russell 2000 Index, which returned 47.25%.

Small-cap stocks significantly outperformed large-cap stocks in 2003, although both asset classes posted very strong gains. Performance was mixed over the course of the year as the war in Iraq threatened to derail gains in the market. However, strong economic news and indications from the Federal Reserve that interest rates would remain low fueled the markets.

Stock selection within every industry group in the Portfolio contributed to its performance. Stock selection in technology hardware and equipment made the largest contribution to the Portfolio’s performance. Within that group, a position in Western Digital Corp. made the largest individual contribution to absolute performance. The smallest contribution was made in the insurance industry group, where Proassurance was by far the largest single detractor. The portfolio currently does not hold Proassurance. Overall, the largest individual contribution to both absolute and relative performance was a position in Patina Oil & Gas Co., which returned 94.84% during the year. As of the end of December, 1.25% of the Portfolio’s assets were invested in Patina.

Relative to the Russell 2000 Index stock selection, healthcare equipment and services produced the largest contribution to relative performance, while stock selection in real estate detracted the most from relative performance.

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	1 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	47.58	%	–0.87	%

Investing in small- and medium-size companies may cause the portfolio to be subject to significant price fluctuation and above average risks.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST Federated Aggressive Growth Portfolio

For the year ended December 31, 2003, the AST Federated Aggressive Growth Portfolio had a total return of 69.16%, outperforming the return of 47.25% for the unmanaged Russell 2000 Index and the 48.54% gain of the unmanaged Russell 2000 Growth Index.

Small-cap growth stocks had strong performance during 2003 due to investors’ anticipation of a recovering economy and the end of a three-year bear market in equities. Strong security selection in the information technology sector was a primary driver of the Portfolio’s performance. In fact, 12 of the 25 largest contributions to its return were from technology holdings. Positions in Nic Inc., Magma Design Automation, Ecollege, Valueclick, Online Resources, Genus, Lexar Media, Utstarcom, and Arm Holdings rose more than 100% in 2003.

Strong security selection in the consumer discretionary sector also contributed to the Portfolio’s outperformance of the Russell 2000 Growth Index. Positions in this sector included 5 of the top 25 contributing stocks. Gains above 50% by Advance Auto Parts, Central European Media, Monro Muffler & Brake, Carmax, and Sky Perfect Communications contributed strongly to returns.

With our bottom-up fundamental security selection process, we continue to find attractive small-cap investment opportunities—companies that are dominant competitors and that have strengthening fundamentals for both near-term and long-term growth in sales and earnings. We believe that such strong growth companies, if purchased at reasonable prices, will provide investors with superior returns over the long term.

LOGO


	1 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	69.16	%	–4.38	%

Investing in small- and medium-size companies may cause the portfolio to be subject to significant price fluctuation and above average risks.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST Goldman Sachs Small-Cap Value Portfolio

For the year ended December 31, 2003, the AST Goldman Sachs Small-Cap Value Portfolio had a total return of 41.08%, trailing the return of 47.25% for the unmanaged Russell 2000 Index. During the year small-cap value stocks underperformed small-cap growth.

The first quarter of 2003 was volatile, as investors dealt with conflicting economic reports and the start of the war in Iraq. Most major corporations remained fiscally restrained in anticipation of the continued low demand environment. In the second, third and fourth quarters, the U.S. equity market rallied sharply due to easing geopolitical concerns, a marked shift in investor sentiment, and an improved economic backdrop. While the gains were broad based, the largest returns were found in both highly speculative and smaller-cap areas. Investors seemed optimistic that an improving economy would further stimulate demand for U.S. products and services. During the year, the Portfolio’s holdings in industrials and basic materials generated the best results from a sector standpoint. Examples of strong performers in the industrial area included Wabash (1.8% of the Portfolio), GrafTech (1.0%), and Hughes Supply (1.2%). Within Basic Materials, the Portfolio benefited substantially from its investments in Commercial Metals (1.2%) and Caraustar Industries (1.4%). Commercial Metals is well positioned due to its diversified profit mix (the company has exposure to both steel and scrap steel) and its ability to create greater cash flow stability in very cyclical industries. The largest detractors from performance included Tropical Sportswear (0.1%), Too Inc. (0.3%), also retailers, which suffered due to the necessity for heavy markdowns in order to clear spring merchandise.

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	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	41.08	%	15.77	%	12.97	%

Investing in small- and medium-size companies may cause the portfolio to be subject to significant price fluctuation and above average risks.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST Gabelli Small-Cap Value Portfolio

For the year ended December 31, 2003, the AST Gabelli Small-Cap Value Portfolio had a total return of 35.78%, compared with a return of 47.25% for the unmanaged Russell 2000 Index and 46.03% for the unmanaged Russell 2000 Value Index.

The end of large-scale fighting in Iraq, the fiscal stimulus package, low interest rates, and low inflation combined to bring about economic recovery. Earnings began to exceed expectations and investors drove stock prices up through the end of the year. Small-capitalization stocks had outperformed large caps throughout the recent three-year bear market, and continued to do so during 2003. More than 10% of our holdings enjoyed share-price increases in excess of 100%. Six of these were small wireless telecommunication service providers, which rose an average of 376%. We expect consolidation in this industry to lift the prices of some acquisition targets.

Another theme that has born fruit is the aging population in the United States. As baby boomers live longer and grow older, we expect more money to be spent on dental supplies and services, and on orthopedics, including joint replacements. Our nine holdings in these areas rose an average of 98%. Our significant weightings in both the industrial, and broadcast and cable sectors, served us well. Expectations of a pick up in merger and acquisition activity drove prices up, particularly among the smaller firms. In the absence of inflation, larger firms can find it difficult to raise prices and try to “buy sales and earnings” instead.

Our traditional underweighting in technology and financials tempered our results somewhat, but was partially offset by our overallocation to the consumer discretionary and industrial sectors.

LOGO


	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	35.78	%	10.04	%	9.27	%

Investing in small- and medium-size companies may cause the portfolio to be subject to significant price fluctuation and above average risks.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST DeAM Small-Cap Value Portfolio

For the year ended December 31, 2003, the AST DeAM Small-Cap Value Portfolio had a total return of 43.46%, compared with a return of 47.25% for the unmanaged Russell 2000 Index.

Small-cap stocks significantly outperformed large-cap stocks in 2003, although both asset classes posted very strong gains. Although value stocks trailed growth stocks slightly among small caps, returns of both were quite high. Performance was mixed over the course of the year as the war in Iraq threatened to derail gains in the market. However, strong economic news and indications from the Federal Reserve that interest rates would remain low fueled the markets.

The Portfolio’s bank holdings produced the largest contribution to its return, adding more than six percentage points. Bank stocks have a large weight in the Portfolio (and the Russell 2000 Index), and our holdings returned 46.55% for the period. Selection among technology hardware and equipment stocks also led to significant positive performance. The Portfolio’s holdings of these stocks returned 89.62% for the year and contributed almost five percentage points of return. Automobiles and components was the only industry group in which the Portfolio’s holdings detracted from its absolute return.

In terms of performance relative to the broad Russell 2000 Index, stock selection in the bank industry added most. Flagstar Bankcorp returned over 100% for the year, and the Portfolio, on average, held an overweight in the stock. As of the end of the year, it still held a small position. The Portfolio’s holdings in pharmaceuticals and biotechnology detracted most from its relative performance. For example, it did not hold ImClone, which rebounded sharply after a steep fall in 2002.

LOGO


	1 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	43.46	%	6.56	%

Investing in small-size companies may cause the portfolio to be subject to significant price fluctuation and above average risks.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST Goldman Sachs Mid-Cap Growth Portfolio

For the year ended December 31, 2003, the AST Goldman Sachs Mid-Cap Growth Portfolio had a total return of 31.60%, underperforming the unmanaged S&P MidCap 400 Index, which returned 35.62%.

While the gains were broad based, the largest returns were found in both highly speculative and smaller-cap areas. Investors seem optimistic that an improving economy will further stimulate demand for U.S. products and services. During the year, strong stock selection in the media and consumer discretionary sectors added to returns while weak stock selection and underweights in technology and healthcare detracted from performance. Media companies have suffered during the period from geopolitical and economic turmoil, but have recently shown signs of recovery. Echostar Communications (1.7% of the Portfolio), Cablevision Systems Corp. (1.4%), and Univision Communications (1.8%) were among the top contributors since inception. Performance in healthcare and technology suffered because we did not own many of the more aggressive, speculative stocks that have suffered the most over the last few years, but led the most recent rally. Intuit (0.9%) was one of the biggest detractors in the period due to a disappointing tax season and missed earnings targets.

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	1 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	31.60	%	–23.23	%

Investing in medium-size companies may cause the portfolio to be subject to significant price fluctuation and above average risks.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST Neuberger Berman Mid-Cap Growth Portfolio

The AST Neuberger Berman Mid-Cap Growth Portfolio had a total return of 30.56% for the year ended December 31, 2003, underperforming the 36.14% gain of the unmanaged S&P Midcap 400 Index and the 42.71% rise of the unmanaged Russell Mid-Cap Index.

The Portfolio’s industrial, telecommunications, and energy holdings made the largest contributions to its return in 2003. Although one of the weaker performing sectors in terms of absolute return, the Portfolio’s energy positions improved its performance as compared with the Russell Midcap Growth Index because we focused on companies such as Murphy Oil and XTO Energy that either had the ability to increase their reserves or that were involved in oil and gas production. An underweight in the consumer staples sector, which was among the market’s weaker sectors, also contributed to relative performance.

The Portfolio’s overweight in information technology, one of the strongest performing sectors, added to its relative performance, and three of the five largest contributions to its return were from stocks in the technology sector. However, overall stock selection within the sector hurt the Portfolio’s relative performance. The Portfolio held stocks of technology firms that we believed would have performed well if technology spending hadn’t improved significantly. When the market moved sharply upward in April and May, the defensive nature of these technology holdings led them to fall behind. This was the largest factor in the Portfolio’s underperformance. In May, we began repositioning the Portfolio in response.

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	1 Year		5 Year			Since Inception
AVERAGE ANNUAL TOTAL RETURNS	30.56	%	–	1.49	%	7.13	%

Investing in small- and medium-size companies may cause the portfolio to be subject to significant price fluctuation and above average risks.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST Neuberger Berman Mid-Cap Value Portfolio

The AST Neuberger Berman Mid-Cap Value Portfolio had a total return of 36.32% for the year ended December 31, 2003, compared to a return of 35.62% for the unmanaged S&P MidCap 400 Index. Mid-cap value stocks outperformed their growth counterparts, with the unmanaged Russell Midcap Value Index returning 38.07%.

The Portfolio’s holdings in the consumer discretionary and financial sectors made the largest absolute contributions to its return, but sizable contributions also came from its holdings in the healthcare, energy, industrial, and information technology sectors.

In comparison to the Russell Midcap Value Index, its performance was helped by strong stock selection in the consumer discretionary and energy sectors, but its holdings in the healthcare and financial sectors, as well as a substantial underweighting in technology, led to its underperformance of the Index. We drastically reduced the Portfolio’s technology weighting in May, when we sold several holdings as they approached our valuation targets. Since then, we have simply been unable to find many quality companies at valuations not already reflecting highly optimistic assumptions about earnings growth.

In the financials sector, some of the Portfolio’s regional bank positions produced solid returns, but not as high as those of more credit- and capital-markets sensitive companies. However, we have confidence in regional banks and continue to own, in our opinion, some of the best-managed. We think they have more predictable earnings streams, more transparent balance sheets, and lower P/E ratios than capital-market and credit-sensitive financial stocks. Our insurance holdings also detracted from relative performance, despite excellent business fundamentals. They have displayed strong earnings and premium growth, favorable pricing, and high profitability. Our healthcare holdings also did well but lagged the healthcare sector of the Russell Midcap Value Index.

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	1 Year		5 Year		10 Year
AVERAGE ANNUAL TOTAL RETURNS	36.32	%	9.76	%	9.92	%

Investing In small- and medium-size companies may cause the portfolio to be subject to significant price fluctuation and above average risks.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST Alger All-Cap Growth Portfolio

For the year ended December 31, 2003, the AST Alger All-Cap Growth Portfolio had a total return of 35.52%, significantly outperforming the 28.67% gain of the unmanaged S&P 500 Index.

The Portfolio outperformed its S&P 500 benchmark in 2003 because of our solid security selection in the healthcare and financials sectors and an overweighting in the strong information technology (IT) sector. At the stock level, eBay Inc., Yahoo! Inc., and Broadcom Corp. contributed most positively to Portfolio performance throughout 2003. We have long been proponents of ebay because of its huge market opportunity and truly unique and highly scaleable business model. In regards to Yahoo!, we felt that its new “Pay-for-Performance” pricing plan for advertising would prove to be very attractive and drive significant increases in its revenues. Broadcom has been benefiting from increased broadband access spending in Asia and North America. As for stocks that had a negative impact on the Portfolio, positions in Biogen Inc., Advanced Fibre Communications Inc., and Brocade Communications Systems Inc. detracted most from Portfolio value during the year.

Currently, the Portfolio is well positioned, with IT and healthcare representing the top two sectors. Our bullish outlook in the technology sector is rooted in the belief that tech corporate profits are recovering and IT spending is beginning to pick up. In addition, the technology sector has cut costs and increased its leverage substantially over the past few years. Within healthcare, we are especially excited about prospects within pharmaceuticals and biotechnology. We are expecting 30 new drug approvals in 2004 from an extremely accommodative U.S. Food and Drug Administration.

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	1 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	35.52	%	–16.08	%

Investing in small- and medium-size companies may cause the portfolio to be subject to significant price fluctuation and above average risks.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST Gabelli All-Cap Value Portfolio

For the year ended December 31, 2003, the AST Gabelli All-Cap Value Portfolio had a total return of 35.85%, compared with a return of 28.67% for the unmanaged S&P 500 Index.

Many positions contributed to the Portfolio’s strong return in 2003. Cablevision (+40%) focused on reducing the debt on its balance sheet and is nearly at the point where it could realistically contemplate paying a dividend. Its management is committed to focus on the company’s core cable business. At Time Warner (+37%), new chairman Richard Parsons eliminated more than $6 billion of debt and refocused the company.

Mergers and acquisition activity has picked up again, and the Portfolio’s return benefited from some of these deals, including the purchase of SPS Technologies (+122%) by Precision Cast Parts. It also gained from the hostile bid for Dana Corporation (+56%) by ArvinMeritor. While ArvinMeritor ultimately dropped its bid, Dana took steps to recognize its underlying value by selling its aftermarket operation. Dana has transformed itself into an attractive purchase for investors who want a company solely exposed to the market for original equipment manufacturing (OEM) parts.

In 2003, Chemed (+30%) changed its name to Roto Rooter and bought the portion of Vitas Healthcare that it didn’t own. Roto Rooter plans to divest Vitas in a public offering as soon as possible. Young Broadcasting (+52%), which owns 11 television stations, is expected to benefit when the limit on the number of television stations under one owner is loosened, allowing Young to sell its San Francisco station.

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	1 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	35.85	%	1.94	%

Investing in small- and medium-size companies may cause the portfolio to be subject to significant price fluctuation and above average risks.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST T. Rowe Price Natural Resources Portfolio

The AST T. Rowe Price Natural Resources Portfolio had a total return of 33.52% for the year ended December 31, 2003, significantly outperforming the broad-based unmanaged S&P 500 Index, which returned 28.67%.

U.S. stocks rose in 2003, and several major indexes finished the year at their highest levels in nearly two years. The global recovery, and especially the strong growth in China, increased demand throughout the year, driving commodity prices higher. The Portfolio’s overweights in the precious, non-ferrous, and diversified metals sectors were the top contributors to its relative performance. An underweight in the weaker oil and gas drilling sector also contributed to relative results.

The best-performing industries in the Portfolio in terms of absolute return were commodity-linked investments, especially precious metals holdings. Metals stocks were top contributors as higher commodity prices and a weaker dollar allowed companies with U.S. operations to improve their positions. Our top contributor, Phelps Dodge, rose more than 140% for the year on rising copper prices. Inco and Norilsk Nickel rose sharply as nickel prices surged. Fertilizer maker Agrium was another top contributor, benefiting from increased demand for ammonia in China. We eliminated some poor performers from the Portfolio, including Great Lakes Chemicals and El Paso.

In our view, the combination of the Federal Reserve’s accommodative interest-rate policy and government tax cuts should allow for continued economic expansion, although at the price of rising inflation. We expect resource demand to be boosted by the growth of emerging economies and the recovery of the developed world.

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	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	33.52	%	15.58	%	12.30	%

The portfolio may invest in foreign securities that are subject to the risk of currency fluctuation and the impact of social, political, and economic changes. The portfolio focuses its investments in one sector, thereby increasing its vulnerability to any single economic, political or regulatory development.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST Alliance Growth Portfolio

For the year ended December 31, 2003, the AST Alliance Growth Portfolio had a total return of 23.70%, underperforming the return of 28.67% for the unmanaged S&P 500 Index and 29.75% for the unmanaged Russell 1000 Growth Index.

The Portfolio’s performance relative to the Russell 1000 Growth Index was positively affected by favorable stock selection and an underweight position in the healthcare sector. Amgen, Boston Scientific, Pfizer*, UnitedHealth Group, and Wyeth* all were notable outperformers in this sector. The Portfolio’s consumer staples holdings were among the market’s poorest-performing sectors and its underweight in the sector served relative performance well. Unfavorable stock selection detracted from performance in both the producer durables and utilities sectors.

In the technology sector, lower-quality stocks with uncertain earnings surged during 2003. The Portfolio’s positions, which focused on high-quality growth stocks, lagged the technology stocks in the Russell 1000 Growth Index. An underweight in technology also detracted from relative performance. Peoplesoft* and EMC positions were among those most responsible for underperformance in this sector. Strong performance, particularly from Citigroup, MBNA, and Progressive, drove strong stock selection in the financials sector, which more than offset the negative impact from overweighting this relatively weak sector. An overweight in the consumer discretionary sector and unfavorable stock selection, particularly a position Kohl’s, detracted from relative performance.

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	1 Year		5 Year			Since Inception
AVERAGE ANNUAL TOTAL RETURNS	23.70	%	–	3.40	%	4.01	%

* Position no longer held at period end.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST MFS Growth Portfolio

For the year ended December 31, 2003, the AST MFS Growth Portfolio had a total return of 22.90%, underperforming the return for the unmanaged S&P 500 Index of 28.67% and the unmanaged Russell 1000 Growth Index, which rose 29.75%.

Although the Portfolio had a good absolute return in a strong year for growth stocks, it trailed the S&P 500 Index and also the Russell 1000 Growth Index primarily because of its positioning in the technology, industrial goods and services, and business services areas. An underweighting and selection in technology stocks in general, and in semiconductor firms in particular, hurt results relative to its style target. In industrial goods and services, positions in Northrop Grumman and Automatic Data Processing disappointed. We sold both during the period. Retailer Kohl’s was also a significant performance detractor after reporting disappointing sales and earnings. We felt this setback was temporary.

The healthcare sector was among the Portfolio’s strongest. We avoided or underweighted a number of large-cap pharmaceutical stocks because we felt their medium-term growth prospects would be limited by patent expirations on key products as well as a dearth of new drugs in the development pipeline. Instead, we trained our sights on biotechnology concerns such as Genentech and Amgen that we believed would offer stronger sustainable growth. Positioning in consumer staples concerns also contributed to performance. Our holding in Avon products benefited from strong cosmetics sales in Latin America and Europe. Colgate-Palmolive stock also contributed to relative results.

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	1 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	22.90	%	–7.21	%

The portfolio invests in foreign securities that are subject to the risk of currency fluctuation and the impact of social, political, and economic changes.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST Marsico Capital Growth Portfolio

The AST Marsico Capital Growth Portfolio had a total return of 31.74% for the year ended December 31, 2003, outperforming the return of 28.67% for the unmanaged S&P 500 Index.

Large capitalization companies, as measured by the performance of the S&P 500 Index, rose by about 12% in the fourth quarter, and by nearly 29% for the full year. Every economic sector in the S&P 500 Index had a positive return last year.

There were a variety of contributing factors to the Portfolio’s relative outperformance as compared with the S&P 500 Index. In particular, the Portfolio benefited from investments in the healthcare and consumer discretionary sectors. Pharmaceuticals and biotechnology (e.g., Genentech +139% and Unitedhealth +39%) and consumer durables (e.g., Lennar Corp., +105%) positions were the most significant industry-level holdings that affected performance positively.

The Portfolio’s primary “blemish” in terms of absolute performance last year was maintaining a generally underweight position in the information technology sector (particularly the semiconductor and tech hardware industries). Specific investments in the industrials sector also detracted from performance (e.g., General Dynamics –34% prior to being sold and Lockheed Martin –19%).

As of December 31, 2003, the Portfolio’s economic sector allocations emphasized healthcare, information technology, industrials, and financials.

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	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	31.74	%	2.65	%	8.32	%

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST Goldman Sachs Concentrated Growth Portfolio

For the year ended December 31, 2003, the AST Goldman Sachs Concentrated Growth Portfolio had a total return of 25.25%, compared with a return of 28.67% for the unmanaged S&P 500 Index.

The first quarter of 2003 was volatile, as investors dealt with conflicting economic reports and the start of the war in Iraq. Most major corporations remained fiscally restrained in anticipation of the continued low demand environment. In the second, third, and fourth quarters, the U.S. equity market rallied sharply due to easing geopolitical concerns, a marked shift in investor sentiment, and an improved economic backdrop. While the gains were broad based, the largest returns were found in both highly speculative and smaller-cap areas. Investors seem optimistic that an improving economy will further stimulate demand for U.S. products and services. During the year, the Portfolio benefited from strength in the consumer discretionary sector. Notable performers included Cendant Corp. (4.9% of the Portfolio) and Starwood Hotels and Resorts Worldwide, Inc. (0.6%). Cendant’s stock price steadily climbed during 2003, as investors grew more comfortable with the prospects for the travel and leisure industry. The Portfolio was also helped by an underweight in the healthcare sector. Concerns about Medicare Drug Benefit legislation, patent expiration, and drug re-importation weighed on the group. Freddie Mac (3.7%) and Fannie Mae (3.8%), two holdings in finance, were notably weak. In the case of Freddie Mac, it was a difficult period, as investors were concerned that the investigation into its earnings restatement would ultimately impair its franchise value. Abrupt management changes at the senior level also disconcerted investors. However, many of these issues were subsequently resolved and Freddie Mac stock rallied at the end of the year.

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	1 Year		5 Year		10 Year
AVERAGE ANNUAL TOTAL RETURNS	25.25	%	–8.47	%	8.93	%

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

The portfolio is non-diversified and involves greater risks because a loss resulting from a particular security will have a greater impact on the portfolio’s overall performance.

AST DeAM Large Cap Growth Portfolio

For the year ended December 31, 2003, the AST DeAM Large Cap Growth Portfolio had a total return of 32.24%, compared with a return of 28.67% for the unmanaged S&P 500 Index and 29.75% for the Russell 1000 Growth Index.

The large-cap growth universe, as measured by the Russell 1000 Growth Index, returned slightly more than the S&P 500 Index over the Portfolio’s reporting period. Small-cap stocks significantly outperformed large-cap stocks, although both asset classes posted very strong gains. Performance was mixed over the course of the year as the war in Iraq threatened to derail gains in the market. However, strong economic news and indications from the Federal Reserve that interest rates would remain low fueled the markets.

By far the largest contribution to absolute performance came from the technology hardware and equipment industry group. The Portfolio’s holdings in this group returned 73.95% for the year. Its retailing positions also had a strong year. The Portfolio’s materials holdings were the weakest group. Although they fell in value, the Portfolio’s relatively small weighting in the group caused the overall detraction from performance to be minor.

Large contributions to the Portfolio’s outperformance of the Russell 1000 Growth Index came from its holdings of retailing, commercial services and supplies, and healthcare and equipment stocks. Materials, again, was the largest detractor from relative performance, underperforming the Russell 1000 Growth Index slightly.

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	1 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	32.24	%	1.40	%

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST DeAM Large-Cap Value Portfolio

The AST DeAM Large-Cap Value Portfolio had a total return of 26.59% for the year ended December 31, 2003, compared with a return of 28.67% for the unmanaged S&P 500 Index.

DeAm seeks to maintain a portfolio of equity securities that approximates the market risk of the stocks in the Russell 1000 Value Index, but outperforms that index through active stock selection. The large-cap value universe as measured by the Russell 1000 Value Index returned 30.01% beating the S&P 500 Index. Large value stocks outperformed large growth stocks and stocks of the smaller companies that are included in the Russell Index, but not the S&P 500 Index which significantly outperformed stocks of larger companies. However, performance was mixed over the course of the year as the war in Iraq threatened to derail gains in the market. Eventually, strong economic news and indications from the Federal Reserve that interest rates would remain low fueled the markets.

Relative to the Russell 1000 Value Index, stock selection was poor in many industry groups. Materials holdings were the largest detractors. The Portfolio’s software and services stocks performed particularly poor, but the impact was minor because less than a percentage point of the Portfolio’s assets were in this group, on average. The Portfolio’s automobiles and components holdings made the largest gains during the year, returning 107.55% and beating the comparable stocks in the Russell Index. They were the largest contributor to performance relative to that value-stock target. However, stock selection in the diversified financials group contributed most to the Portfolio’s absolute performance because not only did we have strong stock selection in that group, it also was relatively large.

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	1 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	26.59	%	–0.07	%

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST Alliance/Bernstein Growth & Value Portfolio

For the year ended December 31, 2003, the AST Alliance/Bernstein Growth & Value Portfolio had a total return of 26.10%, compared with a return for the unmanaged S&P 500 Index of 28.67%.

Relative to the S&P 500 Index, the Portfolio was overweighted in the financial services sector and underweighted in consumer staples, telecommunications, and capital equipment during the year. The overweight in financial services, in addition to the underweights in consumer staples and telecommunications, benefited performance. The underweight in capital equipment hurt performance. While positive stock selection in the energy, technology, capital equipment, and consumer staples sectors enhanced the Portfolio’s return, stock selection in the financial services, industrial commodities, and telecommunications sectors dampened performance. The largest contributors to positive relative performance during the year were our investments in Nortel Networks, Corning, Intel, Georgia Pacific, and ConocoPhillips. Large detractors from performance included Kohl’s, Viacom, Nokia, Dell, and Qwest Communications.

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	1 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	26.10	%	–3.11	%

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST Sanford Bernstein Core Value Portfolio

For the year ended December 31, 2003, the AST Sanford Bernstein Core Value Portfolio had a total return of 28.31%, in line with the 28.67% gain of the unmanaged S&P 500 Index and slightly below the 30.03% rise of the Russell 1000 Value Index.

Cyclical stocks led the substantial market gains, with technology stocks particularly strong on signs of a revival in capital spending. Nortel Networks, Corning, Sanmina*, and Avaya* rose an astounding 163%, 215%, 181%, and 428%, respectively. As the strong economy prompted more people toward home ownership, the Portfolio’s holdings in home builders outperformed; Centex, Pulte, and KB Home* rose 118%, 96%, and 70%, respectively.

Stock selection in the consumer growth sector had the largest negative impact on the Portfolio’s performance relative to the Russell 1000 Value Index. Several of its pharmaceutical positions, including Schering Plough*, Merck, Wyeth, and Pfizer, underperformed due to investor concerns about weak product pipelines, patent expirations, and pricing pressures. On top of these industry pressures, Wyeth was dragged down by news that it had added reserves to its “fen-phen” (diet drug) settlement trust. Though our positions in these stocks hurt performance, we continue to view them as attractive value opportunities and are confident in their long-term outlook due to continuing growth in prescriptions, both as the population ages and as new pharmaceuticals are under development.

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	1 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	28.31	%	4.64	%

* Position no longer held at period end.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST Cohen & Steers Realty Portfolio

For the year ended December 31, 2003, the AST Cohen & Steers Realty Portfolio had a total return of 37.43%, compared to the unmanaged NAREIT Equity REIT Index’s total return of 37.13% and the broad-based, unmanaged S&P 500 Index’s total return of 28.67%.

Exceeding even the most optimistic expectations, 2003 was the best year for REITs since 1991. REITs gained wider acceptance as their low correlation with other asset classes offered a welcomed diversification opportunity to investors. In addition, the economy vindicated investor expectations for improving fundamentals. While almost all REIT’s share prices rose in 2003, the healthcare sector gained most, followed by the regional mall sector. As was the case in the past several years, underperformers for the year were apartment and office building owners.

The Portfolio benefited from its overweight in malls and our shift from underweight to overweight in hotels. Stock selection in general was strong, particularly in the office, industrial, and healthcare sectors. The largest contributions to the Portfolio’s performance relative to its benchmark came from overweights in Vornado Realty and Rouse and positions in Brookfield Properties and Starwood Hotel & Resorts. Detractors from relative performance included underweights in shopping centers and healthcare facilities and overweights in office and industrial buildings. Individual detractors included overweights in Crescent Real Estate, AvalonBay Communities, and Sun Communities.

In light of the return of business and consumer confidence, surging profitability, ongoing fiscal stimulus and still-accommodative monetary policy, we believe the U.S. economy will remain robust and experience strong job growth. In our view, while REITs are no longer as undervalued as they were, the conditions to sustain strength and growth in this asset class are in place.

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	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	37.43	%	13.37	%	7.85	%

The portfolio focuses its investments in one sector, thereby increasing its vulnerability to any single economic, political or regulatory development.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST Sanford Bernstein Managed Index 500 Portfolio

For the year ended December 31, 2003, the AST Sanford Bernstein Managed Index 500 Portfolio had a total return of 27.32%, compared with the unmanaged S&P 500 Index, which returned 28.67%.

Stock selection in the consumer cyclical sector was the largest detractor from the Portfolio’s returns as compared with the S&P 500 Index. Retailers Wal-Mart, Kohl’s, and Home Depot underperformed the sector average, while Yahoo!, a Portfolio underweight, rose 175% over the year. The largest positive contribution to the Portfolio’s performance was our stock selection in the capital equipment sector. The majority of the Portfolio’s holdings posted double-digits gains. Positions in Paccar, BF Goodrich, and Cummins Engine were up 90%, 69%, and 80% respectively. We also selected well in the finance sector, with positions in FleetBoston, Capital One, and Humana up 88%, 107%, and 128% respectively. The five largest individual contributions to performance came from Altria, Corning, Sanmina, Merck, and Cisco Systems. The five largest detractors were Wal-Mart, Kohl’s, Federal Home Loan, JP Morgan Chase, and Medimmune.

Overall, the Fund’s sector weightings were generally close to those of the S&P 500 Index during the year. The most positive impact came from our underweight in the telecommunications sector. Most of the underperformance by sector was due, in fact, to a small allocation to cash that hurt in a rising equity market.

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	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	27.32	%	0.10	%	4.28	%

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST American Century Income & Growth Portfolio

For the year ended December 31, 2003, the AST American Century Income & Growth Portfolio had a total return of 28.78%, in line with the 28.67% gain of the unmanaged S&P 500 Index.

The S&P 500 staged an impressive rally in 2003 after stumbling in the first quarter. Low interest rates and inflation, solid corporate profits, and the onset of business spending and hiring were nearly ideal conditions for equity investors. Financials, technology, and consumer cyclicals accounted for the majority of the S&P 500 Index’s positive return, but every economic sector in the index posted gains for the year.

The Portfolio’s risk evaluation and sector weightings are positioned relative to the S&P 500. As a result, the same sectors that drove the index higher—financials, technology, consumer cyclicals, and energy—also accounted for more than two-thirds of the Portfolio’s absolute return. As with the S&P 500 Index, the Portfolio’s absolute performance was positive in all economic sectors.

Stock selection improved performance relative to the S&P 500 benchmark the most in the consumer cyclical and energy sectors. However, the Portfolio’s consumer services and technology stocks gained less than the benchmark’s components in those sectors. In addition, the Portfolio was slightly overweighted in telecommunication services, a sector that lagged, detracting from performance.

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	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	28.78	%	0.74	%	5.19	%

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST Alliance Growth and Income Portfolio

For the year ended December 31, 2003, the AST Alliance Growth and Income Portfolio had a total return of 32.43% compared with a return of 28.67% for the unmanaged S&P 500 Index.

The performance of the AST Alliance Growth and Income Portfolio in 2003 was better than the S&P 500 Index. In addition, it beat the somewhat larger gain (30.03%) of the Russell 1000 Value Index, which represents the Portfolio’s target large-cap value stock universe. Relative to the Russell 1000 Value Index, the Portfolio was overweighted primarily in the healthcare and technology sectors and underweighted in the utilities sector during the year. The technology overweight and the utilities underweight were beneficial to performance. However, good stock selection within the healthcare sector couldn’t offset the impact of the Portfolio’s overweight in the sector. The largest contributors to positive relative performance during the year were our investments in Juniper Networks, Veritas Software, Marvell Technology, J. P. Morgan, and Altera Corp. Large detractors from performance included HCA Healthcare, Colgate Palmolive, Pfizer, Union Pacific, and Kerr McGee Corp.

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	1 Year		5 Year		10 Year
AVERAGE ANNUAL TOTAL RETURNS	32.43	%	4.37	%	10.43	%

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST MFS Growth with Income Portfolio

For the year ended December 31, 2003, the AST MFS Growth with Income Portfolio had a total return of 21.71%, compared with a 28.67% return for the unmanaged S&P 500 Index.

The primary detractor to the portfolio’s relative performance was poor stock selection in technology, financial, and leisure sectors. We avoided eBay and Yahoo!, missing the gains of the Internet industry, and underweighted Intel. We also underweighted banks and credit companies, which outperformed the S&P 500 Index. Absolute performance was hurt most by a position in Fannie Mae. Investors were concerned about potential regulatory and political changes. The Portfolio’s insurance stocks, including The Hartford Group, Travelers Insurance, XL Capital, MetLife, and UnumProvident,* declined after they had to increase their reserves. Media firm Viacom and several print and publishing holdings, including the New York Times, Tribune, and Reed Elsevier, suffered when local ad revenues did not pick up as much as expected.

Relative performance benefited from the Portfolio’s underweight in the food and beverage industry and position in Altria (formerly Phillip Morris), which continued to rebound from earlier concerns about litigation and competitive pressures. Healthcare holdings Genentech* and Guidant were strong contributors to returns. Genentech’s stock price rose on unexpectedly positive testing data for a colorectal cancer drug and approval of several new drugs. Guidant exceeded investors’ income expectations. Technology holdings Analog Devices, Cisco, and VERITAS had solid results. Analog Devices reported better-than-expected earnings and rallied with the rest of the semiconductor industry. Prospects of a pick up in telecommunication services business and Cisco Systems’ continued gains in the business enterprise market pushed its stock price higher. Signs of improving balance sheet strength led to strong performance for data storage software company VERITAS.

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	1 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	21.71	%	–3.79	%

The portfolio invests in foreign securities that are subject to the risk of currency fluctuation and the impact of social, political, and economic changes.

* Position no longer held at period end.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST INVESCO Capital Income Portfolio

For the year ended December 31, 2003, the AST INVESCO Capital Income Portfolio had a total return of 19.94%, compared with a return of 28.67% for the unmanaged S&P 500 Index.

In the first half of 2003, as the country focused on conflict in Iraq, the domestic equity markets managed slight gains, and the U.S. economy grew at a sluggish pace. By the second half of the year, however, major combat operations ended, economic growth gathered momentum, and the equity markets experienced a broad-based rally. GDP growth in the first quarter was a paltry 1.4%, but growth accelerated significantly to 8.2% by the third quarter. Fourth quarter growth is estimated between 4%-5% and GDP growth for the year should come in near 4.5%. During the first half of 2003, investors focused on lower-quality technology companies. However, during much of the third quarter and into the fourth quarter, they began to refocus on quality and earnings.

The Portfolio underperformed the S&P 500 Index primarily because of its fixed income holdings. Stocks outperformed bonds by a large margin in 2003. In addition, the Portfolio’s underweight in consumer discretionary stocks as compared with the S&P 500 was the largest drag on the relative performance of its equity holdings. Many stocks in the sector rallied on investor expectations that it would benefit from the economic recovery. A number of the Portfolio’s holdings in the healthcare sector also detracted from performance. However, the Portfolio’s strong stock selection in the consumer discretionary sector provided a lift to its return. In addition, its technology and financial services stocks turned in strong performances during the fourth quarter. Positions in the economically sensitive industrials and materials sectors benefited as investors continued to gain confidence in the economic recovery. The Portfolio also benefited from a significant position in the strong-performing information technology sector, which continued to recover from its multiyear bear market and gain traction from the economic recovery.

LOGO


	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	19.94	%	1.15	%	8.20	%

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST DeAM Global Asset Allocation Portfolio

For the year ended December 31, 2003, the AST DeAM Global Allocation Portfolio had a total return of 19.53%. That compared to a return of 20.50% for the unmanaged blended benchmark index (50% Russell 3000 Index/40% LB Aggregate Index/10% MSCI EAFE Index).

During a tumultuous year in which geopolitical crisis and the hopes of economic recovery were realized, the financial markets made a strong comeback after three difficult years. Despite good absolute returns for asset allocation funds, they trailed the equity markets. The bulk of the Portfolio’s absolute performance resulted from the strength of the second and fourth quarters in the equity markets when investors’ response to the perceived reduction of risk was at its peak. However, the Portfolio’s relative performance was strongest in the first and third quarters. Although our fixed income strategy performed well during the year, our international equity strategy trailed its benchmark.

Throughout the year, the Portfolio’s asset allocation was more heavily weighted in equities than its neutral position, with a decided international bias toward the end of the year. This equity overweight and underweight in bonds hurt during the first half of the year, but helped later. As a result, the overall impact of our asset allocation was neglible. The very strong move toward lower-quality issues in the equity rally hurt both our equity and fixed income strategies, which emphasize securities that are inexpensively priced for their balance sheet strength and estimated earnings potential.

LOGO


	1 Year		5 Year		10 Year
AVERAGE ANNUAL TOTAL RETURNS	19.53	%	0.62	%	6.51	%

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST American Century Strategic Balanced Portfolio

For the year ended December 31, 2003, the AST American Century Strategic Balanced Portfolio had a total return of 18.87%, compared with a return of 18.76% for the unmanaged Balanced Blended benchmark index (60% S&P 500 Index, 40% Lehman Brothers Aggregate Bond Index).

Returns for balanced portfolios in 2003 were typically the highest since 1999. For the first calendar year since then, the S&P 500 (+28.68%) outperformed the Lehman Brothers U.S. Aggregate Index (+4.10%). In fact, it was first positive calendar year for the S&P 500 in the four-year period. In that climate, the Portfolio’s stock and bond portfolios returned approximately 31% and 4% respectively.

U.S. stocks generally outperformed investment grade U.S. bonds because of a surge in economic activity. Economic growth (GDP) accelerated, starting at a 3.1% annualized rate in the second quarter of 2003, then spiking to 8.2% in the third quarter. The spike was due in part to monetary stimulus provided by the Federal Reserve in the form of low short-term interest rates and fiscal stimulus provided by government spending and tax cuts.

The Portfolio’s equity sleeve outperformance was due primarily to effective stock selection in consumer cyclicals. The Portfolio’s bond portfolio slightly underperformed its bond benchmark. The bonds were affected most by a relatively short duration compared with their benchmark; shorter-duration diversified portfolios generally underperformed in 2003.

LOGO


	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	18.87	%	2.47	%	6.50	%

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST T. Rowe Price Asset Allocation Portfolio

The AST T. Rowe Price Asset Allocation Portfolio had a total return of 24.02% for the year ended December 31, 2003, compared to a return of 18.76%, for the unmanaged Balanced Blended Index (60% S&P 500 Index, 40% Lehman Brothers Government/Credit Index).

U.S. stocks rose in 2003. Small-cap stocks strongly outpaced large-cap shares. U.S. bonds produced positive returns, but they were subdued relative to bond returns in recent years. High yield bonds surged, enjoying their best year in a decade as the economy and stock market improved and as fixed income investors seeking higher yields embraced riskier assets. Non-U.S. stocks strongly outpaced their domestic counterparts, thanks in part to the U.S. dollar’s protracted weakness versus major foreign currencies.

Over the past 12 months, the Portfolio has benefited from a general overweighting in equities and from an overweighting in international equities, in particular. We also overweighted high yield bonds, which outperformed other fixed income sectors as investors searched for higher yields.

While we can’t be sure that the equity markets will outperform over the near term, we believe that given the prospects for a recovering economy the longer-term outlook for the asset class is favorable. In line with this outlook, we are continuing to overweight equities and the more economically sensitive sectors of the fixed income market, such as high yield bonds.

LOGO


	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	24.02	%	3.15	%	8.56	%

The portfolio invests in lower-rated securities commonly known as “junk” bonds which are subject to greater credit and market risks.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST T. Rowe Price Global Bond Portfolio

For the year ended December 31, 2003, the AST T. Rowe Price Global Bond Portfolio had a total return of 12.86%, outperforming the 12.51% gain of the unmanaged Lehman Brothers Global Aggregate Index.

Stronger economic data, low interest rates, and an expanding U.S. fiscal deficit led the U.S. Treasury market to underperform other developed markets in 2003. Much of the sell-off in government bonds occurred in the second half of the year as geopolitical uncertainty and fears of deflation subsided. Importantly, the period was marked by the decline in the U.S. dollar, which fell 20% against the euro in 2003 and weakened more than 10% against the Japanese yen.

European government bonds with shorter-dated maturities outperformed globally aided by Europe’s weaker economic fundamentals compared with the United States and the strength of the euro. Japanese government bonds recouped intra-period losses, owing to the Bank of Japan’s commitment to maintaining a zero interest policy, the strength of the Japanese yen, and positive supply-demand factors.

The Portfolio’s strong absolute returns and relative performance against the Index were helped by a weak U.S. dollar and a powerful rally in high yield corporate bonds and emerging-market bonds in 2003. Currency exposure was a key contributor to the Portfolio’s relative returns, particularly its overweight position in the Canadian dollar versus the U.S. dollar. On a country and duration basis, the main contributor to the Portfolio’s relative performance was its underweight position in Japanese government bonds, which sold off dramatically during the summer. Over the period, we also shortened the Portfolio’s duration in the European government bond market from an overweight exposure.

LOGO


	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	12.86	%	3.99	%	4.54	%

The portfolio may invest in foreign securities that are subject to the risk of currency fluctuation and the impact of social, political, and economic changes. The portfolio may invest in lower-rated securities commonly known as “junk” bonds which are subject to greater credit and market risks. The portfolio may invest in asset backed securities which are subject to prepayment and extension risks.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST Federated High Yield Portfolio

For the year ended December 31, 2003, the AST Federated High Yield Portfolio had a total return of 21.59%, compared with a 28.15% gain for the unmanaged Merrill Lynch US High Yield Master II Index.

In the U.S. fixed income market, high yield corporate bonds significantly outperformed high-quality bonds in 2003. High yield bonds began the year from an extremely oversold position. At that time, investors were still in a defensive posture due to economic and geopolitical uncertainty. Despite the conflict in the Middle East, most indicators continued to show robust economic growth over the course of the year. In addition, increased corporate earnings led to improved credit quality for the underlying market over the past several quarters. The distressed end of the high yield market was the area with the strongest performance in 2003.

The Portfolio underperformed the Index in 2003 largely because it was positioned less aggressively than the Index in the lower credit quality sector. The Portfolio was also hurt by intra-period cash flows into and out of the Portfolio. From an industry sector perspective, the Portfolio’s relative overweight positions in the consumer noncyclical and gaming sectors and its underweight positions in the more speculative sectors hurt relative performance. Among the specific holdings that underperformed during the period were General Chemical Industries (chemicals), New World Pasta (food and beverage), and Levi Strauss & Co. (textiles). Conversely, among the Portfolio’s holdings that significantly outperformed the market were Charter Communications (media/cable), Alamosa PCS Holdings (wireless), and Nextel Communications (wireless).

LOGO


	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	21.59	%	2.33	%	5.59	%

The portfolio invests in lower-rated securities commonly known as “junk” bonds which are subject to greater credit and market risks.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST Lord Abbett Bond-Debenture Portfolio

The AST Lord Abbett Bond-Debenture Portfolio had a total return of 18.74% for the year ended 2003, compared to a return of 28.15% for the unmanaged Merrill Lynch US High Yield Master II Index.

Throughout the year, the pattern that was evident in all sectors of the high yield corporate bond market was that lower-rated credits outperformed higher-rated credits. In the convertible securities market, the speculative grade issues outperformed investment grade issues as well. Even in the high grade portion of the market, the highest yielding investment grade companies led that sector’s advance. The Portfolio underperformed in 2003 because of its limited exposure to the highest yielding securities. We believe these securities generally offered a poor risk/return profile over the long term.

During the year, the Portfolio benefited partly because investors were willing to take on more risk as credit quality improved. On the other hand, investors’ search for yield drove spreads tighter during 2003, making it more challenging for the Portfolio to find value opportunities. We believe the strong macroeconomic environment with broad improvements in credit fundamentals allowed for strength in the Portfolio’s high yield and convertible securities holdings throughout the year.

Note: The views of Lord, Abbett & Co. LLC and the Portfolio’s holdings described in this report are as of December 31, 2003; these views and the holdings may have changed subsequent to this date. Information provided in this report should not be considered a recommendation to purchase or sell securities. The Portfolio is not insured by the FDIC, is not a deposit or other obligation of, or guaranteed by banks, and is subject to investment risks including loss of principal amount invested. For a more detailed discussion of the risks associated with the Portfolio, see the Portfolio’s Prospectus.

LOGO


	1 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	18.74	%	7.16	%

The portfolio may invest in lower-rated securities commonly known as “junk” bonds which are subject to greater credit and market risks. The portfolio may invest in mortgage backed securities which are subject to prepayment and extension risks. The portfolio may invest 20% of its assets in equity securities.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST DeAM Bond Portfolio

From the year ended December 31, 2003, the AST DeAM Bond Portfolio had a total return of 3.81%, compared with a return for the unmanaged Lehman Brothers Aggregate Index of 4.10%.

The Portfolio had a substantially overweight exposure to the asset backed securities sector compared to the Index. Asset backed securities outperformed as yield spreads in all major asset backed sub-sectors tightened relative to interest rate swaps, the benchmark for asset backed securities. In turn, interest rate swap spreads tightened versus U.S. Treasury securities. The Portfolio remained significantly overweighted in asset backed securities at year-end.

As for mortgage-related securities, we maintained the Portfolio’s overweight exposure to commercial mortgage backed securities, primarily the highest quality, multi-family bonds backed by agencies. Our conservative approach to managing the Portfolio’s securities backed by residential mortgages was particularly effective during the summer when the sector experienced heightened volatility. In addition, we increased the Portfolio’s exposure to mortgage pass through securities when they were relatively inexpensive, which helped the Portfolio’s performance later in the year.

Turning to the corporate bond market, the utility, telecommunications, and auto sectors that performed poorly in 2002 led the relative performance race in 2003. Our decision to selectively increase the Portfolio’s holdings of bonds in the BBB ratings category, particularly among issuers in the sectors cited above, contributed significantly to the Portfolio’s performance in 2003.

LOGO


	1 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	3.81	%	6.92	%

The portfolio may invest in asset backed securities which are subject to prepayment and extension risks.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST Pimco Total Return Bond Portfolio

For the year ended December 31, 2003, the AST PIMCO Total Return Bond Portfolio had a total return of 5.32%, as compared to the unmanaged Lehman Brothers Aggregate Bond Index, which returned 4.10%.

Bonds gained ground in 2003 despite volatile interest rates. The Portfolio outperformed its benchmark, driven by favorable security selection. Allocations to U.S. Treasury inflation-protected securities (TIPS) and municipal bonds helped returns as these less volatile assets outperformed amid rising rates. Emerging-market bonds strongly boosted returns as credit fundamentals within the asset class continued to improve. Conversely, an underweight in corporate bonds was negative as profits and margins improved. A mortgage underweight in the fourth quarter detracted from returns as lower volatility caused this area of the market to perform well.

We believe the global economic recovery will be sustained in 2004 as China joins the United States as an engine for growth. Given our outlook, we’ll take a defensive posture with the Portfolio. In particular, we anticipate underweighting fully priced mortgages and corporate bonds in favor of more compelling sectors and strategies. We will target a below-index duration to protect relative returns against the risk of upward pressure on interest rates. We plan to emphasize TIPS, which hedge against inflation risk and are less volatile than bonds when rates rise. We will continue to hold high yielding emerging-market bonds, which we feel will continue to enhance results due to their improving fundamentals.

LOGO


	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	5.32	%	6.68	%	7.14	%

The portfolio invests in lower-rated securities commonly known as “junk” bonds which are subject to greater credit and market risks.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST Pimco Limited Maturity Bond Portfolio

For the year ended December 31, 2003, the AST PIMCO Limited Maturity Bond Portfolio had a total return of 3.28%, as compared to the unmanaged Merrill Lynch 1-3 Year Treasury Index return of 1.90%.

Bonds gained ground in 2003 despite volatile interest rates, led by higher yielding corporate bonds and emerging market securities. The Portfolio’s outperformance was driven by active management across a wide spectrum of securities, including select mortgages and corporates, Eurozone issues, and emerging markets—all of which added value amid volatile markets in 2003. A corporate allocation was positive as profits and margins improved in the sector. Emerging-market bonds boosted returns as credit fundamentals continued to improve. A mortgage emphasis was positive as mortgage bonds outperformed Treasury bonds on a duration-adjusted basis. A broader than index yield curve structure was negative as intermediate yields increased modestly.

We believe the global economic recovery will be sustained in 2004 as China joins the United States as an engine for growth. Given our outlook, we’ll take a defensive posture with the Portfolio. In particular, we anticipate underweighting fully priced mortgages and corporate bonds in favor of more compelling sectors and strategies. We will target a below-index duration to protect relative returns against the risk of upward pressure on interest rates. We will continue to hold high yielding emerging-market bonds, which we feel will continue to enhance results due to their improving fundamentals.

LOGO


	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	3.28	%	5.83	%	5.88	%

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

AST Money Market Portfolio

For the year ended December 31, 2003, the AST Money Market Portfolio returned 0.63%, compared with a return of 0.64% for the Lipper VP Money Market Funds Average.

The year was challenging as the United States became involved in a war in Iraq, deflation threatened the U.S. economy, and the job market remained weak even as economic growth accelerated in the second half of 2003. Nevertheless, the one-year London Interbank Offered Rate (LIBOR) ended the year right where it began at 1.45%.

The Portfolio was helped by our decision to rein in its average maturity until the third and fourth quarters of 2003, when the slope of the short yield curve steepened. The yield curve became steeper as yields on securities maturing in a year rose more than yields on securities maturing in one month. Despite the fragile credit environment, the Portfolio also benefited from our ability to avoid exposure to money market securities with problems stemming from their credit quality or structure.

In the first half of the year, as some of the Portfolio’s higher yielding investments matured, their proceeds were reinvested in money market securities with lower yields. In the second half of the year, the Portfolio’s ability to take advantage of the modest increase in money market yields was hampered by a decline in its assets. We believe the Portfolio’s assets fell as investors took advantage of the rally in the stock market. Shrinking assets could continue to detrimentally affect performance as we maintain increased liquidity to cover outflows and have less to reinvest should interest rates continue to rise.

LOGO


	1 Year		5 Year		10 Year
AVERAGE ANNUAL TOTAL RETURNS	0.63	%	3.25	%	4.08	%
Money Market 7-day current net yield	0.56	%

Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The yield quotation more closely reflects the current earnings of the AST Money Market Portfolio than the total return.

An investment in the American Skandia Trust Money Market Portfolio is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio.

For a complete list of holdings, please refer to the Schedule of Investments section of this report.

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AST Strong International Equity Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 99.6%*
*COMMON STOCK*
Australia — 1.7%
BHP Billiton Ltd.	540,700	$	4,966,082
Bluescope Steel Ltd.	213,820		902,174

			5,868,256

Belgium — 1.0%
Fortis	165,500		3,327,535

Bermuda — 0.6%
Jardine Matheson Holdings Ltd.	236,100		2,124,900

Brazil — 1.5%
Companhia Vale do Rio Doce [ADR]	88,000		5,148,000

Canada — 2.9%
Bank of Nova Scotia	60,000		3,055,136
EnCana Corp.	167,760		6,620,825

			9,675,961

Finland — 0.9%
UPM-Kymmene Oyj	164,000		3,127,750

France — 12.3%
Accor SA	96,200		4,356,181
Altran Technologies SA*	370,166		4,776,486
Aventis SA	68,100		4,501,060
BNP Paribas SA	60,600		3,815,782
Essilor International SA	92,500		4,783,678
Groupe Danone SA	46,000		7,508,073
L’Oreal SA	94,300		7,731,457
Total SA	22,100		4,108,905

			41,581,622

Germany — 7.7%
DaimlerChrysler AG	87,700		4,092,962
Deutsche Bank AG	52,000		4,309,284
E.ON AG	70,500		4,600,996
Puma AG Rudolf Dassler Sport	26,100		4,608,981
Schering AG	67,000		3,393,100
Siemens AG	65,500		5,246,279

			26,251,602

Hong Kong — 4.1%
HSBC Holdings PLC	251,000		3,960,469
Hutchison Whampoa Ltd.	649,700		4,790,989
Swire Pacific Ltd. (Class “A” Stock)	810,000		4,997,553

			13,749,011

Ireland — 2.5%
Bank of Ireland	414,800		5,661,120
Ryanair Holdings PLC [ADR]*	57,500		2,911,800

			8,572,920


	Shares	Value

Italy — 4.7%
Eni SPA	424,950	$	8,018,733
Telecom Italia SPA*	1,422,861		4,217,613
UniCredito Italiano SPA	715,000		3,859,990

			16,096,336

Japan — 17.7%
Canon, Inc.	151,000		7,030,792
Disco Corp.	63,000		3,568,256
East Japan Railway Co.	720		3,392,741
Hankyu Department Stores, Inc.	312,000		2,090,286
Hitachi Ltd.	904,000		5,449,137
House Foods Corp.	253,400		2,868,099
Komatsu Ltd.	1,158,000		7,347,579
Lawson, Inc.	96,000		3,278,529
Mitsubishi Heavy Industries Ltd.	1,160,000		3,225,530
Nintendo Co. Ltd.	37,000		3,452,459
Nippon Telegraph and Telephone Corp.	1,000		4,824,111
The Daimaru, Inc.	379,000		2,104,180
Tokyo Gas Co. Ltd.	1,410,000		5,025,847
Toyota Motor Corp.	180,500		6,096,949

			59,754,495

Korea — 1.2%
Samsung Electronics Co. Ltd. [GDR]*	21,000		3,974,401

Mexico — 1.7%
America Movil (Class “L” Stock) [ADR]	83,826		2,291,803
Wal-Mart de Mexico SA de CV (Class “C” Stock)	1,316,000		3,519,170

			5,810,973

Netherlands — 5.1%
ING Groep NV	254,000		5,923,890
Koninklijke (Royal) Philips Electronics NV NY Reg.	131,200		3,816,608
Royal Dutch Petroleum Co. NY Reg.	67,300		3,525,847
STMicroelectronics NV	151,600		4,111,251

			17,377,596

Singapore — 3.3%
DBS Group Holdings Ltd.	622,200		5,385,585
Flextronics International Ltd.*	285,000		4,229,400
Singapore Technologies Engineering Ltd.	1,350,000		1,621,622

			11,236,607

South Africa — 1.4%
Gold Fields Ltd. [ADR]	350,500		4,885,970

AST Strong International Equity Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Spain — 2.6%
Banco Santander Central Hispano SA	386,400	$	4,576,559
Telefonica SA	299,838		4,402,263

			8,978,822

Sweden — 3.6%
Autoliv, Inc.	217,900		8,267,438
Sandvik AB	111,000		3,825,831

			12,093,269

Switzerland — 5.2%
Nestle SA	20,400		5,096,907
Novartis AG [ADR]	112,000		5,139,681
UBS AG	54,600		3,739,333
Zurich Financial Services AG	24,500		3,526,177

			17,502,098

United Kingdom — 17.9%
Anglo American PLC	417,000		9,010,205
Boots Group PLC	216,900		2,683,051
BP PLC	626,000		5,076,493
Diageo PLC	371,800		4,892,018
Exel PLC	201,100		2,658,605
GlaxoSmithKline PLC [ADR]	74,000		3,449,880
HSBC Holdings PLC	112,000		1,760,369
Lloyds TSB Group PLC	416,000		3,336,281
Reed Elsevier PLC	391,000		3,270,524
Royal Bank of Scotland Group PLC	190,000		5,598,539
Tesco PLC	1,754,000		8,093,187
United Utilities PLC	291,000		2,581,237
Vodafone Group PLC	3,267,000		8,100,098

			60,510,487

Total Long-Term Investments
(Cost $261,859,080)			337,648,611

Total Investments — 99.6%
(Cost $261,859,080; Note 5)			337,648,611
Other Assets in Excess of Liabilities — 0.4%			1,390,216

Net Assets — 100.0%		$	339,038,827

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2003 was as follows:


Industry
Financial - Bank & Trust	14.3	%
Oil & Gas	9.5
Telecommunications	7.0
Food	6.9
Metals & Mining	5.9
Electronic Components & Equipment	5.2
Pharmaceuticals	4.9
Machinery & Equipment	4.4
Retail & Merchandising	4.0
Semiconductors	3.7
Conglomerates	3.5
Automobile Manufacturers	3.0
Insurance	2.8
Automobile Parts	2.4
Consumer Products & Services	2.3
Office Equipment	2.1
Utilities	2.1
Business Services	1.9
Transportation	1.8
Construction	1.5
Beverages	1.4
Clothing & Apparel	1.4
Medical Supplies & Equipment	1.4
Hotels & Motels	1.3
Financial Services	1.1
Entertainment & Leisure	1.0
Printing & Publishing	1.0
Airlines	0.9
Paper & Forest Products	0.9

	99.6
Other assets in excess of liabilities	0.4

	100.0	%

The following abbreviations are used in portfolio descriptions:

ADR	American Depositary Receipt

GDR	Global Depositary Receipt


symbol		description
*		Non-income producing security.

See Notes to Financial Statements.

AST William Blair International Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 77.9%*
*COMMON STOCK*
Australia — 1.8%
Macquarie Bank Ltd.	183,000	$	4,903,054
Toll Holdings Ltd.	755,800		4,698,018
Virgin Blue Holdings Ltd.*	1,057,600		1,896,497

			11,497,569

Austria — 1.3%
Erste Bank der Oesterreichischen Sparkassen AG	65,900		8,143,571

Brazil — 0.8%
Companhia de Bebidas das Americas	18,900,000		4,841,282

Canada — 5.3%
Manulife Financial Corp.	375,100		12,263,861
Petro-Canada	204,400		10,108,883
Precision Drilling Corp.*	59,200		2,599,807
Research in Motion Ltd.*	86,100		5,777,978
Shoppers Drug Mart Corp.*	147,100		3,311,386

			34,061,915

Exchange-Traded Fund — 5.2%
iShares MSCI EAFE Index Fund	242,700		33,130,977

France — 2.9%
Dassault Systemes SA	108,800		4,962,422
Dior (Christian) SA	175,600		10,638,329
Klepierre	51,800		3,116,625

			18,717,376

Germany — 4.5%
Bayerische Motoren Werke AG	219,100		10,156,313
Puma AG Rudolf Dassler Sport	27,900		4,926,842
SAP AG	82,800		13,906,180

			28,989,335

Greece — 1.0%
Coca-Cola Hellenic Bottling Co. SA	304,000		6,334,612

Hong Kong — 3.2%
Esprit Holdings Ltd.	927,000		3,086,577
Huaneng Power International, Inc.	2,498,000		4,327,644
Li & Fung Ltd.	3,616,000		6,194,652
Techtronic Industries Co. Ltd.	2,506,080		6,956,312

			20,565,185

India — 1.3%
HDFC Bank Ltd.	332,500		2,672,025
Infosys Technologies Ltd.	47,609		5,805,637

			8,477,662

Indonesia — 0.3%
PT Unilever Indonesia Tbk	4,759,500		2,048,464


	Shares	Value

Ireland — 1.8%
Anglo Irish Bank Corp. PLC	329,112	$	5,193,228
Ryanair Holdings PLC [ADR]*	131,800		6,674,352

			11,867,580

Israel — 0.8%
Teva Pharmaceutical Industries Ltd. [ADR]	87,900		4,984,809

Italy — 1.6%
Banco Popolare di Verona e Novara Scrl	388,200		6,571,195
Merloni Elettrodomestici SPA	199,800		3,767,672

			10,338,867

Japan — 18.5%
Askul Corp.	104,800		5,143,678
Canon, Inc.	216,800		10,094,541
Fanuc Ltd.	128,600		7,703,760
Hino Motors Ltd.	894,000		6,373,201
Hoya Corp.	82,800		7,602,426
Keyence Corp.	52,700		11,108,455
NEC Electronics Corp.	32,929		2,408,914
Nissan Motor Co. Ltd.	718,700		8,208,349
Nitto Denko Corp.	136,000		7,233,368
Nomura Holdings, Inc.	779,000		13,265,607
Oracle Corp.	68,000		3,521,508
Pioneer Corp.	177,800		4,910,777
Sharp Corp.	431,800		6,813,229
SMC Corp.	86,700		10,791,994
Sumitomo Trust & Banking Co. Ltd.	2,175,000		12,785,762

			117,965,569

Korea — 2.1%
Kookmin Bank*	109,600		4,107,125
Samsung Electronics Co. Ltd.	25,390		9,610,483

			13,717,608

Mexico — 1.7%
America Movil SA de CV	2,816,300		3,874,613
Grupo Financiero BBVA Bancomer SA de CV*	3,144,900		2,686,693
Wal-Mart de Mexico SA de CV (Class “C” Stock)	1,584,500		4,237,178

			10,798,484

Singapore — 0.6%
Venture Corp. Ltd.	334,900		3,943,944

Spain — 1.6%
Banco Popular Espanol SA	114,900		6,855,159
Grupo Ferrovial SA	103,000		3,609,157

			10,464,316

Sweden — 0.4%
Atlas Copco AB (Class “A” Stock)	67,400		2,412,061

AST William Blair International Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Switzerland — 4.4%
Adecco SA	169,900	$	10,921,407
Logitech International SA*	69,000		2,984,839
UBS AG	211,370		14,475,876

			28,382,122

Taiwan — 2.3%
Hon Hai Precision Industry Co. Ltd.	1,684,000		6,621,914
MediaTek, Inc.	391,000		3,673,903
Quanta Computer, Inc.	1,837,300		4,518,838

			14,814,655

Thailand — 0.4%
Bangkok Bank Public Co. Ltd.*	553,000		1,521,282
	299,500		869,266

			2,390,548

United Kingdom — 14.1%
3i Group PLC	542,800		6,000,233
Acambis PLC*	407,000		2,224,034
BG Group PLC	2,607,600		13,385,533
BHP Billiton PLC	593,400		5,183,924
British Sky Broadcasting Group PLC*	982,300		12,362,058
Capita Group PLC	835,800		3,635,800
HBOS PLC	868,905		11,253,876
Man Group PLC	245,200		6,413,011
Reckitt Benckiser PLC	331,600		7,503,310
Standard Chartered PLC	680,500		11,237,916
Tesco PLC	2,505,200		11,559,322

			90,759,017

Total Investments — 77.9%
(Cost $379,987,706; Note 5)			499,647,528
Other Assets in Excess of Liabilities — 22.1%			141,901,458

Net Assets — 100.0%		$	641,548,986

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2003 was as follows:


Industry
Financial - Bank & Trust	11.2	%
Business Services	7.1
Electronic Components & Equipment	6.7
Financial Services	6.5
Exchange-Traded Fund	5.2
Oil & Gas	4.1
Automobile Manufacturers	3.9
Computer Services & Software	3.6
Computer Hardware	3.1
Consumer Products & Services	3.1
Machinery & Equipment	3.1
Retail & Merchandising	2.0
Broadcasting	1.9
Insurance	1.9
Food	1.8
Beverages	1.7
Semiconductors	1.7
Office Equipment	1.6
Airlines	1.3
Medical Supplies & Equipment	1.2
Pharmaceuticals	1.1
Clothing & Apparel	0.8
Metals & Mining	0.8
Transportation	0.7
Utilities	0.7
Telecommunications	0.6
Real Estate	0.5

	77.9
Other assets in excess of liabilities	22.1

	100.0	%

The following abbreviation is used in portfolio descriptions:

ADR	American Depositary Receipt


symbol		description
*		Non-income producing security.

See Notes to Financial Statements.

AST American Century International Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 99.7%*
*COMMON STOCK — 99.0%*
Australia — 2.0%
BHP Billiton Ltd.	409,484	$	3,760,923
Commonwealth Bank of Australia*	163,890		3,636,567

			7,397,490

Austria — 1.0%
Erste Bank der Oesterreichischen Sparkassen AG	31,190		3,854,294

Brazil — 0.1%
Tele Norte Leste Participacoes SA [ADR]	30,423		469,427

Denmark — 0.4%
A P Moller - Maersk A/S (Class “B” Stock)	214		1,544,328

Finland — 0.8%
Nokia Corp. [ADR]	175,470		2,982,990

France — 14.6%
Accor SA	100,444		4,548,360
Axa SA	206,860		4,427,869
Credit Agricole SA	311,180		7,430,168
France Telecom SA*	179,282		5,124,281
Groupe Danone SA	25,250		4,121,279
LVMH Moet Hennessy Louis Vuitton SA	62,238		4,529,683
Publicis Groupe	49,467		1,603,559
Renault SA	38,150		2,632,196
Societe Generale (Class “A” Stock)	85,020		7,506,811
Total SA	41,750		7,762,299
Vinci SA	15,910		1,317,472
Vivendi Universal SA*	78,320		1,903,666
Wanadoo*	274,675		2,252,002

			55,159,645

Germany — 9.9%
BASF AG	23,330		1,311,871
Commerzbank AG*	105,200		2,063,396
Deutsche Boerse AG	46,770		2,557,366
Deutsche Telekom AG*	271,955		4,977,380
E.ON AG	38,761		2,529,634
Linde AG	34,210		1,842,542
Metro AG	87,373		3,851,774
Puma AG Rudolf Dassler Sport	12,310		2,173,814
SAP AG	31,200		5,240,010
Siemens AG	94,490		7,568,258
T-Online International AG*	270,121		3,509,392

			37,625,437

Greece — 0.7%
Alpha Bank AE	42,240		1,277,643
Public Power Corp.	48,230		1,192,366

			2,470,009


	Shares	Value

Hong Kong — 3.5%
Cheung Kong Holdings Ltd.	228,000	$	1,813,463
China Life Insurance Co. Ltd. (Class “H” Stock)*	2,104,000		1,720,903
CNOOC Ltd.	667,000		1,305,889
Huaneng Power International, Inc.	1,476,000		2,557,087
PetroChina Co. Ltd. (Class “H” Stock)	2,535,000		1,453,031
Sinopec Shanghai Petrochemical Co. Ltd. (Class “H” Stock)	6,582,000		2,924,918
Sun Hung Kai Properties Ltd.	182,000		1,506,196

			13,281,487

Hungary — 0.5%
Gedeon Richter Rt.	6,380		755,295
OTP Bank Rt.*	81,580		1,052,117

			1,807,412

India — 0.3%
Reliance Industries Ltd.*	75,700		950,709

Ireland — 2.6%
Anglo Irish Bank Corp. PLC	182,980		2,887,336
CRH PLC	162,564		3,336,171
Depfa Bank PLC	14,820		1,871,193
Ryanair Holdings PLC [ADR]*	36,080		1,827,091

			9,921,791

Israel — 1.1%
Teva Pharmaceutical Industries Ltd. [ADR]	75,947		4,306,954

Italy — 1.5%
Banca Intesa SPA	751,810		2,939,721
Banco Popolare di Verona e Novara Scrl	162,200		2,745,616

			5,685,337

Japan — 18.6%
Bank of Yokohama Ltd. (The)	343,000		1,593,860
Canon, Inc.	34,000		1,583,092
Chugai Pharmaceutical Co. Ltd.	146,998		2,113,688
Denso Corp.	136,900		2,695,335
Dentsu, Inc.	234		1,179,061
Fanuc Ltd.	79,800		4,780,405
Fast Retailing Co. Ltd.	24,500		1,488,243
Hoya Corp.	41,600		3,819,576
JSR Corp	68,000		1,519,642
KDDI Corp.	540		3,093,776
Keyence Corp.	12,000		2,529,439
Marui Co. Ltd.	255,900		3,223,523
Matsushita Electric Industrial Co. Ltd.	66,000		912,681
Mitsubishi Corp.	643,000		6,815,789
NEC Corp.	529,000		3,894,569
Nissan Motor Co. Ltd.	536,000		6,121,713
Nitto Denko Corp.	32,100		1,707,287
NOK Corp.	37,000		1,346,459

AST American Century International Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Orix Corp.	34,300	$	2,835,663
Seiko Epson Corp.	16,900		788,467
Sharp Corp.	234,000		3,692,209
Sumitomo Mitsui Financial Group, Inc.	870		4,635,346
Tokyo Electron Ltd.	24,900		1,891,257
Tokyu Corp.	425,000		2,181,114
Toray Industries, Inc.	200,000		836,055
Toyota Motor Corp.	22,000		743,118
Yahoo! Japan Corp.*	162		2,176,729

			70,198,096

Korea — 1.3%
Samsung Electronics Co. Ltd.	13,330		5,045,598

Mexico — 0.6%
America Movil (Class “L” Stock) [ADR]	86,800		2,373,112

Netherlands — 2.6%
Aegon NV	90,940		1,345,517
ING Groep NV	198,960		4,640,225
Koninklijke (Royal) Philips Electronics NV NY Reg.	131,009		3,811,052

			9,796,794

Norway — 0.5%
Telenor ASA	289,630		1,893,775

Russia — 0.5%
Mobile Telesystems [ADR]	23,848		1,974,614

South Africa — 0.3%
MTN Group Ltd.*	293,980		1,252,993

Spain — 1.4%
Actividades de Construccion y Servicios SA	21,807		1,064,494
Telefonica SA	283,380		4,160,625

			5,225,119

Sweden — 3.1%
Atlas Copco AB (Class “A” Stock)	69,560		2,489,361
Ericsson, (L.M.) Telefonaktiebolaget (Class “B” Stock)*	1,085,710		1,946,501
Foreningsparbanken AB	69,697		1,370,634
Tele2 AB (Class “B” Stock)*	46,249		2,468,225
Volvo AB (Class “B” Stock)	114,460		3,499,673

			11,774,394

Switzerland — 9.9%
ABB Ltd.*	495,278		2,510,930
Adecco SA	78,205		5,027,126
Clariant AG*	96,556		1,424,821
Compagnie Financiere Richemont AG (Class “A” Stock)	74,370		1,785,962
Credit Suisse Group	229,400		8,393,248
Julius Baer Holdings Ltd. (Class “B” Stock)	5,190		1,749,933


	Shares	Value
Roche Holding AG	65,501	$	6,607,034
Swiss Life Holding*	26,043		4,780,078
UBS AG	56,120		3,843,432
Zurich Financial Services AG	9,370		1,348,583

			37,471,147

Taiwan — 0.8%
Acer, Inc.	496,000		737,791
China Steel Corp.*	71,351		1,185,333
Taiwan Semiconductor Manufacturing Co. Ltd.*	606,800		1,134,957

			3,058,081

United Kingdom — 20.4%
Abbey National PLC	335,487		3,189,051
Alliance & Leicester PLC	162,789		2,587,792
AstraZeneca PLC	51,030		2,448,227
BP PLC	1,064,590		8,633,203
British Sky Broadcasting Group PLC*	304,250		3,828,928
Cadbury Schweppes PLC	235,100		1,726,603
Exel PLC	192,600		2,546,233
GlaxoSmithKline PLC	297,300		6,812,338
Hays PLC	1,153,720		2,478,409
HBOS PLC	123,890		1,604,597
HSBC Holdings PLC	353,800		5,560,881
Man Group PLC	119,545		3,126,604
Marks & Spencer Group PLC	182,500		944,174
mmO2 PLC*	1,632,376		2,250,102
Next PLC	121,410		2,440,762
Reckitt Benckiser PLC	250,725		5,673,303
Rio Tinto PLC	91,010		2,513,890
Smith & Nephew PLC	176,100		1,479,295
Tesco PLC	628,120		2,898,228
United Business Media PLC	229,110		2,009,701
Vodafone Group PLC	3,136,283		7,776,002
WPP Group PLC	438,309		4,303,763

			76,832,086

Total Common Stock
(Cost $310,886,261)			374,353,119

*PREFERRED STOCK — 0.7%*
Germany
Porsche AG (Cost $2,127,773)	4,470		2,652,907

Total Long-Term Investments
(Cost $313,014,034)			377,006,026

*SHORT-TERM INVESTMENTS — 0.6%*
United States
Registered Investment Company
J.P. Morgan Prime II Money Market Fund	44,156		44,156

AST American Century International Growth Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value
U.S. Government Agency Obligation — 0.6%
Federal Home Loan Bank 0.70%, 01/02/04(n)	$	2,300	$	2,299,955

Total Short-Term Investments
(Cost $2,344,111)				2,344,111

Total Investments — 100.3%
(Cost $315,358,145; Note 5)				379,350,137
Liabilities in Excess of Other Assets — (0.3%)				(1,022,699	)

Net Assets — 100.0%			$	378,327,438

The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2003 was as follows:


Industry
Financial - Bank & Trust	18.0	%
Telecommunications	11.3
Electronic Components & Equipment	6.5
Pharmaceuticals	6.1
Oil & Gas	5.3
Business Services	5.2
Insurance	4.8
Automobile Manufacturers	4.1
Financial Services	3.3
Food	3.3
Semiconductors	2.8

Foreign currency exchange contracts outstanding at December 31, 2003:


Industry
Retail & Merchandising	2.6	%
Conglomerates	2.2
Internet Services	2.1
Advertising	1.9
Chemicals	1.9
Transportation	1.7
Utilities	1.7
Consumer Products & Services	1.5
Computer Services & Software	1.4
Medical Supplies & Equipment	1.4
Building Materials	1.3
Hotels & Motels	1.2
Automotive Parts	1.1
Broadcasting	1.0
Metals & Mining	1.0
Printing & Publishing	1.0
Real Estate	0.9
Clothing & Apparel	0.8
Machinery & Equipment	0.7
Office Equipment	0.6
Short-term investments	0.6
Airlines	0.5
Construction	0.3
Computer Hardware	0.2

	100.3
Liabilities in excess of other assets	(0.3	)

	100.0	%


Settlement Month	Purchase Contracts	Contracts to Receive	In Exchange For		Contracts at Value		Unrealized Appreciation (Depreciation)

01/04	Buy AUD	328,620	$	245,545	$	247,598	$	2,053
01/04	Buy CHF	357,226		287,625		288,843		1,218
01/04	Buy EUR	122,717		153,151		154,790		1,639
01/04	Buy GBP	308,666		547,389		552,562		5,173
01/04	Buy JPY	131,261,220		1,226,167		1,224,794		(1,373	)

			$	2,459,877	$	2,468,587	$	8,710


Settlement Month	Sale Contracts	Contracts to Receive	In Exchange For		Contracts at Value		Unrealized Appreciation (Depreciation)

01/04	Sell EUR	389,205	$	488,024	$	490,924	$	(2,900	)
01/04	Sell GBP	287,588		512,667		514,983		(2,316	)
01/04	Sell JPY	66,172,392		617,966		617,453		513

			$	1,618,657	$	1,623,360	$	(4,703	)

AST American Century International Growth Portfolio

Schedule of Investments

December 31, 2003

The following abbreviations are used in portfolio descriptions:

ADR	American Depositary Receipt

AUD	Australian Dollar

CHF	Swiss Franc

EUR	Euro Dollar

GBP	British Pound

JPY	Japanese Yen


symbol		description
*		Non-income producing security.
(n)		Rates shown are the effective yields at purchase date.

See Notes to Financial Statements.

AST DeAM International Equity Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 91.7%*
*COMMON STOCK*
Australia — 4.9%
Amcor Ltd.	32,188	$	200,322
AMP Ltd.	41,113		155,192
Australia & New Zealand Banking Group Ltd.	44,927		598,472
BHP Billiton Ltd.	92,130		846,172
Coles Myer Ltd.	33,636		191,593
Commonwealth Bank of Australia*	29,073		645,103
Foster’s Group Ltd.	88,332		299,491
General Property Trust	84,294		189,899
HHG PLC*	30,889		22,342
Insurance Australia Group Ltd.	67,129		214,958
John Fairfax Holdings Ltd.	97,681		259,064
Macquarie Bank Ltd.	8,910		238,722
National Australia Bank Ltd.	35,743		806,569
News Corp. Ltd.	74,132		669,698
QBE Insurance Group Ltd.	20,599		164,515
Rinker Group Ltd.*	34,328		169,412
Rio Tinto Ltd.	9,607		269,268
Stockland	61,674		242,564
Suncorp-Metway Ltd.	19,092		178,228
Telstra Corp. Ltd.	56,211		204,137
Wesfarmers Ltd.	11,597		231,463
Westfield Trust	84,535		226,746
Westpac Banking Corp. Ltd.	53,144		640,260
WMC Ltd.	30,731		152,123
WMC Resources Ltd.*	35,564		150,860
Woodside Petroleum Ltd.	15,266		170,232
Woolworths Ltd.	25,929		230,527

			8,367,932

Austria — 0.9%
Erste Bank der Oesterreichischen Sparkassen AG	11,510		1,422,345
OMV AG	1,050		156,387

			1,578,732

Belgium — 2.7%
Almanij NV	12,270		623,405
Colruyt NV	7,450		717,936
Delhaize Group	10,130		521,066
Dexia	62,000		1,068,265
Fortis	8,430		169,493
S.A. D’Ieteren NV	1,090		223,554
Umicore	20,010		1,404,588

			4,728,307

Denmark — 0.5%
Danske Bank AS	11,903		279,269
Topdanmark AS*	10,528		563,571

			842,840


	Shares	Value

Finland — 2.4%
Fortum OYJ	101,840	$	1,050,771
Nokia OYJ	180,980		3,129,712

			4,180,483

France — 6.0%
Alcatel SA*	4,920		63,362
Aventis SA	4,380		289,495
Axa SA	60,580		1,296,724
BNP Paribas SA	27,770		1,748,585
Carrefour SA	1,730		94,967
Compagnie de Saint-Gobain	700		34,267
Eramet SLN	1,250		60,703
France Telecom SA*	39,240		1,121,567
Groupe Danone SA	1,020		166,483
LVMH Moet Hennessy Louis Vuitton SA	1,600		116,448
Renault SA	12,660		873,489
Societe Generale (Class “A” Stock)	3,860		340,817
Suez SA	2,770		55,659
Total SA	15,600		2,900,403
Vinci SA	11,940		988,725
Vivendi Universal SA*	7,990		194,207

			10,345,901

Germany — 3.0%
Bayer AG	4,270		125,062
Deutsche Post AG	32,610		672,520
Deutsche Telekom AG*	87,140		1,594,855
E.ON AG	3,510		229,071
RWE AG	23,570		932,632
SAP AG	8,570		1,439,323
Schwarz Pharma AG	4,090		110,969

			5,104,432

Hong Kong — 1.5%
Bank of East Asia Ltd.	66,200		203,368
BOC Hong Kong Holdings Ltd.	77,000		144,804
Cheung Kong Holdings Ltd.	45,300		360,306
CLP Ltd.	53,600		255,449
Hang Seng Bank Ltd.	20,300		266,706
Hong Kong & China Gas Co. Ltd.	125,000		190,794
Hong Kong Electric Holdings Ltd.	38,000		150,265
Hutchison Whampoa Ltd.	64,100		472,684
Sun Hung Kai Properties Ltd.	32,900		272,274
Swire Pacific Ltd. (Class “A” Stock)	30,800		190,030

			2,506,680

Ireland — 0.1%
Grafton Group PLC	33,760		232,930

Italy — 3.5%
Assicurazioni Generali SPA	2,150		56,950
Banca Intesa SPA	271,970		1,063,455
Buzzi Unicem SPA	25,930		305,809
Enel SPA	121,360		825,089

AST DeAM International Equity Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Eni SPA	73,190	$	1,381,082
Impregilo SPA	159,100		102,347
Mediaset SPA	85,330		1,013,886
Merloni Elettrodomestici SPA	5,940		112,012
Parmalat Finanziaria SPA(cost $1,180,360; purchased 11/25/03)(g)	448,250		62,194
San Paolo-IMI SPA	59,080		770,544
Telecom Italia Mobile SPA	36,280		197,234
UniCredito Italiano SPA	28,390		153,266

			6,043,868

Japan — 19.6%
Acom Co. Ltd.	2,690		121,987
Advantest Corp.	2,000		158,626
Aeon Co. Ltd.	5,600		187,590
Ajinomoto Co., Inc.	15,000		172,576
Asahi Glass Co. Ltd.	21,800		179,005
Asahi Kasei Corp.	37,000		200,933
Bank of Yokohama Ltd. (The)	26,000		120,817
Bridgestone Corp.	15,000		201,689
Canon, Inc.	18,200		847,420
Central Japan Railway Co.	28		241,933
Chubu Electric Power Co., Inc.	17,300		360,787
Chugai Pharmaceutical Co. Ltd.	9,700		139,477
Dai Nippon Printing Co. Ltd.	22,000		308,948
Daiwa House Industry Co. Ltd.	18,000		191,471
Daiwa Securities Group, Inc.	41,000		278,893
Denso Corp.	14,000		275,637
East Japan Railway Co.	73		343,986
Eisai Co. Ltd.	5,500		148,316
Fanuc Ltd.	3,400		203,676
Fuji Photo Film Co. Ltd.	10,700		345,451
Fujisawa Pharmaceutical Co. Ltd.	6,400		136,456
Fujitsu Ltd.	49,000		288,961
Hitachi Ltd.	84,200		507,541
Honda Motor Co. Ltd.	17,400		772,828
Hoya Corp.	3,400		312,177
Ito-Yokado Co. Ltd.	9,000		283,008
Itochu Corp.	44,000		145,339
Japan Tobacco, Inc.	17		124,522
JFE Holdings, Inc.	12,200		332,976
Kansai Electric Power Co.	22,900		401,290
Kao Corp.	14,000		284,781
Keihin Electric Express Railway Co. Ltd.	37,100		217,747
Keyence Corp.	900		189,708
Kinki Nippon Railway Co. Ltd.	43,900		131,901
Kirin Brewery Co. Ltd.	21,300		181,657
Komatsu Ltd.	33,200		210,656
Konica Minolta Holdings, Inc.	12,000		161,351
Kubota Corp.	49,000		202,090
Kyocera Corp.	3,300		219,856
Kyushu Electric Power Co., Inc.	15,000		257,955
Marui Co. Ltd.	10,600		133,526


	Shares	Value

Matsushita Electric Industrial Co. Ltd.	48,000	$	663,768
Matsushita Electric Works Ltd.	19,000		170,729
Millea Holdings, Inc.	36		470,281
Mitsubishi Chemical Corp.	55,000		143,184
Mitsubishi Corp.	30,000		317,999
Mitsubishi Electric Corp.*	53,900		223,808
Mitsubishi Estate Co. Ltd.	36,000		341,290
Mitsubishi Heavy Industries Ltd.	84,000		233,573
Mitsubishi Tokyo Financial Group, Inc.	94		733,265
Mitsui & Co. Ltd.	41,000		330,158
Mitsui Fudosan Co. Ltd.	21,000		189,680
Mitsui OSK Lines Ltd.	33,000		161,043
Mitsui Sumitomo Insurance Co. Ltd.	32,000		262,760
Mizuho Financial Group, Inc.	140		424,559
Murata Manufacturing Co. Ltd.	5,300		286,339
NEC Corp.	38,400		282,706
Nikko Cordial Corp.	40,000		222,824
Nintendo Co. Ltd.	2,400		223,943
Nippon Express Co. Ltd.	30,000		141,644
Nippon Mitsubishi Oil Corp.	32,900		167,616
Nippon Steel Corp.	152,000		326,211
Nippon Telegraph and Telephone Corp.	124		598,190
Nippon Unipac Holding	29		149,641
Nissan Motor Co. Ltd.	57,200		653,287
Nitto Denko Corp.	4,400		234,021
Nomura Holdings, Inc.	43,000		732,248
NTT Data Corp.	40		151,162
NTT DoCoMo, Inc.	394		893,366
Oji Paper Co. Ltd.	25,000		161,426
Olympus Optical Co. Ltd.	6,000		130,167
Omron Corp.	6,400		129,887
Oriental Land Co.	1,900		117,188
Orix Corp.	2,300		190,146
Osaka Gas Co. Ltd.	67,000		181,301
Pioneer Corp.	4,200		116,003
Promise Co. Ltd.	3,100		135,084
Resona Holdings, Inc.	129,000		162,499
Ricoh Co. Ltd.	17,000		335,495
Rohm Co. Ltd.	2,500		292,992
Sankyo Co. Ltd.	9,600		180,498
Sanyo Electric Co. Ltd.	39,400		205,879
Secom Co. Ltd.	6,300		235,140
Sekisui House Ltd.	16,000		165,270
Seven-Eleven Japan Co. Ltd.	8,900		269,898
Sharp Corp.	24,000		378,688
Shin-Etsu Chemical Co. Ltd.	9,700		396,436
Shionogi & Co. Ltd.	8,000		148,997
Shiseido Co. Ltd.	12,000		145,899
SMC Corp.	2,000		248,950
SoftBank Corp.	5,200		159,149
Sompo Japan Insurance, Inc.	21,000		172,632
Sony Corp.	19,100		661,202
Sumitomo Chemical Co. Ltd.	33,000		136,102
Sumitomo Corp.	26,000		193,842

AST DeAM International Equity Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Sumitomo Electric Industries Ltd.	20,400	$	182,357
Sumitomo Mitsui Financial Group, Inc.	88		468,863
Sumitomo Trust & Banking Co. Ltd.	28,000		164,598
Taisho Pharmaceutical Co. Ltd.	7,300		130,510
Takeda Chemical Industries Ltd.	18,700		741,579
TDK Corp.	3,000		216,105
The Shizouka Bank Ltd.	18,200		134,500
Tobu Railway Co. Ltd.	50,000		178,688
Tohoku Electric Power Co., Inc.	13,600		225,503
Tokyo Electric Power Co., Inc.	26,100		572,315
Tokyo Electron Ltd.	3,900		296,221
Tokyo Gas Co. Ltd.	75,200		268,045
Tokyu Corp.	33,000		169,357
Toppan Printing Co. Ltd.	20,700		215,363
Toray Industries, Inc.	50,000		209,014
Toshiba Corp.	75,300		285,265
Tostem Inax Holding Corp.	9,000		173,836
Toto Ltd.	16,900		143,186
Toyota Industries Corp.	8,800		186,806
Toyota Motor Corp.	59,000		1,992,908
UFJ Holdings, Inc.	82		394,047
Yamanouchi Pharmaceutical Co. Ltd.	7,400		229,934
Yamato Transport Co. Ltd.	14,000		164,860

			33,649,469

Netherlands — 6.0%
ABN AMRO Holding NV	59,410		1,390,080
ING Groep NV	90,430		2,109,046
Koninklijke (Royal) KPN NV*	174,270		1,345,273
Koninklijke (Royal) Philips Electronics NV	18,070		527,649
Oce NV	56,800		870,484
Royal Dutch Petroleum Co.	34,880		1,839,031
STMicroelectronics NV	7,470		202,579
Stork NV	45,260		896,294
Unilever NV	7,880		515,361
VNU NV	21,090		666,378

			10,362,175

New Zealand — 0.1%
Telecom Corp. of New Zealand Ltd.	50,142		176,785

Norway — 0.7%
Norsk Hydro ASA	13,040		804,611
Telenor ASA	68,000		444,625

			1,249,236

Singapore — 0.6%
DBS Group Holdings Ltd.	34,700		300,353
Oversea-Chinese Banking Corp. Ltd.	31,600		225,143
Singapore Press Holdings Ltd.	11,000		122,417
Singapore Telecommunications Ltd.	174,300		201,159
United Overseas Bank Ltd.	31,600		245,610

			1,094,682


	Shares	Value

Spain — 5.6%
Amadeus Global Travel Distribution SA (Class “A” Stock)	22,530	$	146,354
Banco Bilbao Vizcaya Argentaria SA	26,400		364,632
Banco Santander Central Hispano SA	67,900		804,214
Corporacion Mapfre SA	81,290		1,151,472
Endesa SA	45,750		880,030
Repsol YPF SA	96,960		1,890,769
Telefonica SA	205,740		3,020,703
Union Fenosa SA	72,770		1,366,732

			9,624,906

Sweden — 0.9%
Atlas Copco AB (Class “B” Stock)	49,380		1,609,330

Switzerland — 8.6%
Clariant AG*	35,864		529,224
Credit Suisse Group	69,155		2,530,232
Nestle SA	9,662		2,414,035
Novartis AG	40,419		1,835,073
Roche Holding AG	22,545		2,274,096
Serono SA Cl-B	1,202		857,218
Swiss Life Holding*	5,633		1,033,912
Swisscom AG	1,204		397,196
UBS AG	21,219		1,453,203
Vontobel Holding AG	5,183		118,391
Zurich Financial Services AG	8,851		1,273,886

			14,716,466

United Kingdom — 24.1%
Arriva PLC	45,980		312,784
AstraZeneca PLC	50,580		2,426,638
Avis Europe PLC	152,600		259,519
Balfour Beatty PLC	149,550		584,964
Barclays PLC	221,840		1,978,693
BG Group PLC	23,550		120,889
BHP Billiton PLC	18,210		159,082
Big Food Group PLC	136,290		386,099
BP PLC	444,290		3,602,931
British American Tobacco PLC	97,050		1,337,758
British Sky Broadcasting Group PLC*	4,550		57,261
BT Group PLC	49,100		165,466
Close Brothers Group PLC	43,490		571,448
Compass Group PLC	7,570		51,496
Diageo PLC	88,490		1,164,321
GlaxoSmithKline PLC	165,000		3,780,812
GUS PLC	109,140		1,511,247
Hanson PLC	140,950		1,035,154
HBOS PLC	61,100		791,354
HSBC Holdings PLC	212,290		3,336,686
IMI PLC	55,030		332,233
Imperial Tobacco Group PLC	1,420		27,962
InterContinental Hotels Group PLC	120,970		1,145,578

AST DeAM International Equity Portfolio

Schedule of Investments

December 31, 2003


	Shares		Value

Investec PLC		8,360	$	164,174
Lloyds TSB Group PLC		55,440		444,624
Misys PLC		324,080		1,228,477
National Express Group PLC		123,057		1,345,981
Pilkington PLC		216,210		370,600
Reckitt Benckiser PLC		32,700		739,922
Reed Elsevier PLC		90,180		754,312
Rentokil Initial PLC		256,150		871,243
Rexam PLC		167,870		1,285,448
Rio Tinto PLC		12,270		338,924
Royal Bank of Scotland Group PLC		70,440		2,075,585
SABMiller PLC		125,620		1,302,053
Scottish Power PLC		64,820		431,952
Shell Transport & Trading Co. PLC		108,150		804,431
Unilever PLC		114,300		1,065,533
Vodafone Group PLC		1,234,730		3,061,351

Total Common Stock ($138,350,416)				41,424,985

Rights*
AMP Ltd. (Cost $0)		29,808		0

Total Long-Term Investments
(Cost $138,350,416)				157,840,139

	Par (000)
*SHORT-TERM INVESTMENT — 0.4%*
U.S. Treasury Obligations
U.S. Treasury Bills
0.93%, 01/29/04(k)(n)
(Cost $699,494)	$	700		699,487

Total Investments — 92.1%
(Cost $139,049,910; Note 5)				158,539,626
Other Assets in Excess of Liabilities — 7.9%				13,519,621

Net Assets — 100.0%			$	172,059,247

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2003 was as follows:


Industry
Financial - Bank & Trust	16.4	%
Telecommunications	9.7
Oil & Gas	9.0
Pharmaceuticals	7.8
Insurance	5.2
Utilities	3.9
Food	3.7
Electronic Components & Equipment	3.2
Automobile Manufacturers	2.7
Transportation	2.5
Financial Services	2.4
Metals & Mining	2.4
Building Materials	2.1
Machinery & Equipment	2.0
Beverages	1.7
Computer Services & Software	1.6
Retail & Merchandising	1.6
Construction	1.2
Office Equipment	1.2
Business Services	1.1
Real Estate	1.1
Chemicals	1.0
Conglomerates	1.0
Printing & Publishing	1.0
Farming & Agriculture	0.9
Consumer Products & Services	0.8
Consumer Products & Services	0.8
Containers & Packaging	0.8
Hotels & Motels	0.7
Broadcasting	0.5
Semiconductors	0.5
Short-term investments	0.4
Computer Hardware	0.3
Entertainment & Leisure	0.2
Medical Supplies & Equipment	0.2
Paper & Forest Products	0.2
Automotive Parts	0.1
Clothing & Apparel	0.1
Internet Services	0.1

	92.1
Other assets in excess of liabilities	7.9

	100.0	%

AST DeAM International Equity Portfolio

Schedule of Investments

December 31, 2003

Foreign currency exchange contracts outstanding at December 31, 2003:


Settlement Month	Purchase Contracts	Contracts to Receive	In Exchange For		Contracts at Value		Unrealized Appreciation

03/04	Buy EUR	6,418,636	$	7,857,733	$	8,051,347	$	193,614
03/04	Buy GBP	2,235,647		3,885,003		3,963,051		78,048
03/04	Buy JPY	358,478,394		3,337,244		3,345,936		8,692

			$	15,079,980	$	15,360,334	$	280,354


Settlement Month	Sale Contracts	Contracts to Deliver	In Exchange For		Contracts at Value		Unrealized Depreciation

03/04	Sell EUR	327,391	$	402,000	$	410,670	$	(8,670	)
03/04	Sell GBP	113,296		197,000		200,835		(3,835	)
03/04	Sell JPY	18,664,806		174,000		174,212		(212	)

			$	773,000	$	785,717	$	(12,717	)

The following abbreviations are used in portfolio descriptions:

EUR	Euro Dollar

GBP	British Pound

JPY	Japanese Yen


symbol		description
*		Non-income producing security.

(g)		Indicates a security that has been deemed illiquid. The aggregate cost of the illiquid security is $1,180,360. The aggregate value of $62,194 represents 0.04% of net assets.

(k)		Securities with an aggregate market value of $699,487 have been segregated with the custodian to cover margin requirements for the following open futures contracts at December 31, 2003:


Description	Expiration Month	Number of Contracts	Contracts at Trade Date Value		Contracts at Current Value		Unrealized Appreciation

Long Positions:
DJ Euro STOXX 50 Index	03/04	153	$	5,267,474	$	5,324,508	$	57,034
FTSE 100 Index	03/04	50		3,925,881		3,997,870		71,989
S&P ASX 200 Index	03/04	19		1,163,705		1,182,821		19,116
TOPIX Index	03/04	33		3,055,527		3,217,785		162,258

							$	310,397



(n)		Rates shown are the effective yields at purchase date.

See Notes to Financial Statements.

AST MFS Global Equity Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 96.1%*
*COMMON STOCK*
Australia — 2.3%
News Corp. Ltd.	103,765	$	937,398
QBE Insurance Group Ltd.	183,758		1,467,594

			2,404,992

Austria — 0.7%
Erste Bank der Oesterreichischen Sparkassen AG	5,850		722,912

Canada — 2.5%
BCE, Inc.	39,439		882,017
Canadian National Railway Co.	10,901		689,815
Canadian Natural Resources Ltd.	11,180		565,554
Talisman Energy, Inc.	7,930		451,162

			2,588,548

France — 10.8%
Axa SA	55,820		1,194,835
Carrefour SA	15,840		869,522
France Telecom SA*	37,790		1,080,123
L’Air Liquide SA	13,671		2,414,152
L’Oreal SA	4,760		390,262
Sanofi-Synthelabo SA	34,260		2,579,872
Schneider Electric SA	8,303		543,549
Total SA	10,170		1,890,840

			10,963,155

Germany — 1.5%
Bayerische Motoren Werke AG	18,210		844,119
Schering AG	14,350		726,731

			1,570,850

Hong Kong — 0.6%
Esprit Holdings Ltd.	177,000		589,346

Ireland — 0.8%
Irish Life & Permanent PLC	50,660		817,921

Italy — 0.6%
Riunione Adriatica di Sicurta SPA	36,200		616,423

Japan — 8.8%
Bridgestone Corp.	55,000		739,526
Canon, Inc.	28,000		1,303,723
Chugai Pharmaceutical Co. Ltd.	71,000		1,020,911
Citizen Watch Co. Ltd.	54,000		496,314
Honda Motor Co. Ltd.	28,000		1,243,632
Japan Telecom Holdings Co. Ltd.	170		455,258
KDDI Corp.	257		1,472,408
Seiko Epson Corp.	12,800		597,182
Tokyo Broadcasting System, Inc.	29,800		474,653
Tokyo Gas Co. Ltd.	147,000		523,971
Yamaha Corp.	39,400		773,883

			9,101,461


	Shares	Value

Korea — 2.0%
Samsung Electronics Co. Ltd.	2,890	$	1,093,907
Samsung SDI Co. Ltd.	8,020		945,707

			2,039,614

Netherlands — 2.2%
Reed Elsevier NV	120,840		1,501,354
STMicroelectronics NV	29,600		802,725

			2,304,079

Norway — 0.9%
DnB Holding ASA	145,426		970,556

Singapore — 2.4%
DBS Group Holdings Ltd.	103,500		895,866
Singapore Telecommunications Ltd.	849,000		979,827
United Overseas Bank Ltd.	81,000		629,571

			2,505,264

Spain — 2.4%
Iberdrola SA	49,640		981,154
Telefonica SA	103,896		1,525,415

			2,506,569

Sweden — 1.3%
Hennes & Mauritz AB (Class “B” Stock)	58,380		1,387,431

Switzerland — 8.0%
Credit Suisse Group	29,320		1,072,755
Nestle SA	4,927		1,231,003
Novartis AG	47,710		2,166,094
Roche Holding AG	13,520		1,363,752
Syngenta AG	7,916		533,174
Synthes-Stratec, Inc.	480		475,052
UBS AG	20,190		1,382,731

			8,224,561

United Kingdom — 16.1%
AstraZeneca PLC	27,380		1,313,589
BG Group PLC	104,490		536,376
BOC Group PLC	78,820		1,204,290
BP PLC	142,420		1,154,943
British Sky Broadcasting Group PLC*	53,980		679,328
Capital Radio PLC	23,830		199,646
Diageo PLC	128,086		1,685,312
GlaxoSmithKline PLC	39,990		916,332
Granada Compass PLC	446,480		975,109
Kingfisher PLC	214,474		1,069,279
Next PLC	47,560		956,121
Reckitt Benckiser PLC	133,850		3,028,703
Royal Bank of Scotland Group PLC	26,427		778,698
Vodafone Group PLC	449,584		1,114,684
William Hill PLC	109,260		835,181

			16,447,591

AST MFS Global Equity Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

United States — 32.2%
Accenture Ltd. (Class “A” Stock)*	37,820	$	995,423
Ace Ltd.	26,890		1,113,784
AdvancePCS, Inc.*	15,860		835,188
Air Products & Chemicals, Inc.	19,280		1,018,562
Alberto-Culver Co. (Class “B” Stock)	7,510		473,731
American Express Co.	26,800		1,292,564
AmerisourceBergen Corp. (Class “A” Stock)	14,650		822,598
Applera Corporation — Applied Biosystems Group	10,420		215,798
Aramark Corp.	32,070		879,359
Bank of America Corp.	12,400		997,333
Burlington Northern Santa Fe Corp.	23,640		764,754
Citigroup, Inc.	31,230		1,515,904
ConocoPhilips	11,138		730,319
FedEx Corp.	6,720		453,600
Fisher Scientific International, Inc.*	17,130		708,668
Genzyme Corp.*	8,300		409,522
The Home Depot, Inc.	26,730		948,648
International Business Machines Corp.	9,940		921,239
The J.M. Smucker Co.	10,610		480,527
Johnson & Johnson	32,310		1,669,134
Lincare Holdings, Inc.*	18,030		541,441
Microsoft Corp.	33,960		935,258
Networks Associates, Inc.*	33,920		510,157
Nike, Inc. (Class “B” Stock)	13,700		937,902
Noble Drilling Corp.*	14,400		515,232
OTP Bank* [GDR]	21,950		566,167
PepsiCo, Inc.	27,600		1,286,712
Praxair, Inc.	40,100		1,531,820
SouthTrust Corp.	25,280		827,414
Symantec Corp.*	15,000		519,750
Thermo Electron Corp.*	50,880		1,282,176
Time Warner, Inc.*	105,780		1,902,982
TJX Companies, Inc.	59,030		1,301,611
Union Pacific Corp.	11,170		776,092
Verizon Communications, Inc.	23,850		836,658
Viacom, Inc. (Class “B” Stock)	24,800		1,100,624
Waters Corp.*	15,000		497,400

			43,939,279

Total Long-Term Investments
(Cost $82,592,591)			98,877,324


	Par (000)		Value
*SHORT-TERM INVESTMENTS — 4.0%*
U.S. Government Agency Obligation
Federal Home Loan Bank 0.75%, 01/02/04(n)
(Cost $4,139,914)	$	4,140	$	4,139,914

Total Investments — 100.1%
(Cost $86,732,505; Note 5)				103,017,238
Liabilities in Excess of Other Assets — (0.1%)				(79,135	)

Net Assets — 100.0%			$	102,938,103

The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2003 was as follows:


Industry
Pharmaceuticals	11.2	%
Telecommunications	8.1
Financial - Bank & Trust	7.2
Chemicals	6.5
Oil & Gas	6.2
Financial Services	4.8
Insurance	4.3
Medical Supplies & Equipment	4.1
Short-term investments	4.0
Consumer Products & Services	3.8
Retail & Merchandising	3.8
Broadcasting	3.2
Beverages	2.9
Automobile Manufacturers	2.7
Electrical Components & Equipment	2.7
Entertainment & Leisure	2.6
Printing & Publishing	2.6
Food	2.5
Business Services	2.4
Retail & Merchandising	2.2
Office Equipment	1.8
Machinery & Equipment	1.7
Railroads	1.5
Transportation	1.1
Internet Services	1.0
Utilities	1.0
Clothing & Apparel	0.9
Computer Hardware	0.9
Computer Services & Software	0.9
Semiconductors	0.8
Healthcare Services	0.5
Science & Technology	0.2

	100.1
Liabilities in excess of other assets	(0.1	)

	100.0	%

AST MFS Global Equity Portfolio

Schedule of Investments

December 31, 2003

Foreign currency exchange contracts outstanding at December 31, 2003:


Settlement Month	Sale Contracts	Contracts to Deliver	In Exchange For		Contracts at Value		Unrealized Appreciation

01/04	Sell JPY	2,416,755	$	22,590	$	22,551	$	39

The following abbreviations are used in portfolio descriptions:

JPY	Japanese Yen

GDR	Global Depositary Receipt


symbol		description
*		Non-income producing security.
(n)		Rates shown are the effective yields at purchase date.

See Notes to Financial Statements.

AST PBHG Small-Cap Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 95.8%*
*COMMON STOCK*
Advertising — 0.5%
ADVO, Inc.	51,450	$	1,634,052
Aquantive, Inc.*	15,200		155,800

			1,789,852

Airlines — 0.2%
SkyWest, Inc.	42,400		768,288

Broadcasting — 5.1%
Cumulus Media, Inc. (Class “A” Stock)*	82,700		1,819,400
Emmis Communications Corp. (Class “A” Stock)*	133,100		3,600,355
Entravision Communications Corp. (Class “A” Stock)*	149,400		1,658,340
Gray Television, Inc.	82,000		1,239,840
Lin TV Corp. (Class “A” Stock)*	33,900		874,959
Radio One, Inc. (Class “A” Stock)*	103,100		2,015,605
Sinclair Broadcast Group, Inc.*	240,600		3,589,752
Spanish Broadcasting Systems, Inc. (Class “A” Stock)*	247,200		2,595,600

			17,393,851

Business Services — 5.4%
Advisory Board Co.*	45,800		1,598,878
Arbitron, Inc.*	60,200		2,511,544
Charles River Associates, Inc.*	30,200		966,098
Gevity HR, Inc.	60,100		1,336,624
Icon PLC [ADR]*	53,500		2,332,600
Medical Staffing Network Holdings, Inc.*	172,200		1,885,590
Metrologic Instruments, Inc.*	85,200		2,300,400
National Processing, Inc.*	43,600		1,026,780
Navigant Consulting, Inc.*	66,200		1,248,532
Parametric Technology Corp.*	229,100		902,654
Portfolio Recovery Associates, Inc.*	39,000		1,035,450
SM&A*	51,800		606,060
Wireless Facilities, Inc.*	30,400		451,744

			18,202,954

Chemicals — 0.9%
Olin Corp.(a)	151,200		3,033,072

Clothing & Apparel — 2.0%
Deckers Outdoor Corp.*	32,100		658,050
K-Swiss, Inc. (Class “A” Stock)	63,600		1,530,216
Mothers Work, Inc.*	41,400		1,010,160
Quiksilver, Inc.*	48,000		851,040
Too, Inc.*	167,400		2,825,712

			6,875,178

Computer Hardware — 2.7%
Bell Microproducts, Inc.*	155,900		1,412,454
Cray, Inc.*	96,800		961,224


	Shares	Value

Insight Enterprises, Inc.*	49,000	$	921,200
Lexar Media, Inc.*	113,400		1,976,562
Merge Technologies, Inc.*	70,000		1,234,800
SanDisk Corp.*(a)	43,200		2,641,248

			9,147,488

Computer Services & Software — 10.3%
Altiris, Inc.*(a)	56,400		2,057,472
Ascential Software Corp.*	33,200		860,876
At Road, Inc.*	37,200		494,760
Avid Technology, Inc.*(a)	40,400		1,939,200
BARRA, Inc.	45,700		1,621,893
Cerner Corp.*(a)	41,600		1,574,560
Cognizant Technology Solutions Corp.*	83,500		3,810,940
Dot Hill Systems Corp.*	89,800		1,360,470
eResearch Technology, Inc.*(a)	91,800		2,333,556
Extreme Networks, Inc.*	140,700		1,014,447
FileNET Corp.*	70,200		1,901,016
Manhattan Associates, Inc.*(a)	58,500		1,616,940
MicroStrategy, Inc. (Class “A” Stock)*	30,700		1,611,136
Mobius Management Systems, Inc.*	45,700		578,105
Neoware Systems, Inc.*	67,200		920,640
NetIQ Corp.*	64,900		859,925
OPNET Technologies, Inc.*	39,700		653,462
Quality Systems, Inc.*	20,600		918,554
Quest Software, Inc.*(a)	133,900		1,901,380
SafeNet, Inc.*	54,500		1,676,965
ScanSource, Inc.*	36,300		1,656,006
SupportSoft, Inc.*	122,800		1,614,820
Trident Microsystems, Inc.*	98,900		1,722,838

			34,699,961

Conglomerates — 1.2%
Brink’s Co. (The)	174,400		3,943,184

Consumer Products & Services — 1.6%
Aaron Rents, Inc. (Class “B” Stock)	73,200		1,473,516
Coinstar, Inc.*	95,200		1,719,312
Integrated Alarm Services Group, Inc.*	259,000		2,201,500

			5,394,328

Electronic Components & Equipment — 4.9%
Benchmark Electronics, Inc.*	37,800		1,315,818
DSP Group, Inc.*	116,100		2,892,051
EDO Corp.	70,700		1,742,755
Faro Technologies, Inc.*	54,800		1,368,904
GrafTech International Ltd.*	90,900		1,227,150
KVH Industries, Inc.*	24,200		664,774
Merix Corp.*	39,600		971,388
Moog, Inc. (Class “A” Stock)*	36,300		1,793,220
Park Electrochemical Corp.	59,000		1,562,910
Teledyne Technologies, Inc.*	69,700		1,313,845
Veeco Instruments, Inc.*(a)	62,700		1,768,140

			16,620,955

AST PBHG Small-Cap Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Environmental Services — 0.4%
Republic Services, Inc.	57,300	$	1,468,599

Equipment Services — 0.5%
TTM Technologies, Inc.*	90,200		1,522,576

Farming & Agriculture — 0.2%
Sunopta, Inc.*	74,600		688,558

Financial - Bank & Trust — 2.6%
Bank Mutual Corp.	122,746		1,398,077
Brookline Bancorp, Inc.(a)	136,880		2,099,739
Franklin Bank Corp.*	6,500		123,500
Greater Bay Bancorp(a)	65,900		1,876,832
Jefferson Bancshares, Inc.	43,200		595,728
Provident Financial Services, Inc.	53,000		1,001,700
UMB Financial Corp.	36,574		1,738,728

			8,834,304

Financial Services — 1.5%
Affiliated Managers Group, Inc.*(a)	17,400		1,210,866
Friedman, Billings, Ramsey Group, Inc. (Class “A” Stock)	105,400		2,432,632
PrivateBancorp, Inc.	29,900		1,361,048

			5,004,546

Healthcare Services — 5.0%
American Healthways, Inc.*(a)	119,400		2,850,078
AMERIGROUP Corp.*	17,800		759,170
Apria Healthcare Group, Inc.*(a)	89,300		2,542,371
Centene Corp.*	26,100		731,061
Coventry Health Care, Inc.*	36,300		2,340,987
Hooper Holmes, Inc.	129,100		797,838
IMPAC Medical Systems, Inc.*	36,100		922,716
LifePoint Hospitals, Inc.*(a)	44,500		1,310,525
Matria Healthcare, Inc.*	44,000		929,720
Odyssey Healthcare, Inc.*	127,675		3,735,771

			16,920,237

Industrial Products — 0.6%
Ceradyne, Inc.*	61,300		2,087,878

Insurance — 2.7%
Allmerica Financial Corp.*(a)	77,400		2,381,598
American Medical Security Group, Inc.*	42,600		955,092
HCC Insurance Holdings, Inc.(a)	43,515		1,383,777
Odyssey Re Holdings Corp.(a)	59,300		1,337,215
Platinum Underwriters Holdings Ltd. (Bermuda)*	56,900		1,707,000
StanCorp Financial Group, Inc.	21,400		1,345,632

			9,110,314

Internet Services — 3.1%
Advanced Digital Information Corp.*	90,400		1,265,600
Digital Insight Corp.*	49,000		1,220,100
Digital River, Inc.*	52,600		1,162,460


	Shares	Value

eCollege.com, Inc.*	57,000	$	1,052,220
F5 Networks, Inc.*	55,900		1,403,090
Macromedia, Inc.*	66,300		1,182,792
Netflix, Inc.*(a)	36,500		1,996,185
Packeteer, Inc.*	61,300		1,040,874

			10,323,321

Machinery & Equipment — 1.9%
Global Power Equipment Group, Inc.*	141,300		943,884
Grant Prideco, Inc.*(a)	155,800		2,028,516
JLG Industries, Inc.	103,500		1,576,305
Lone Star Technologies, Inc.*	45,100		720,698
Rofin-Sinar Technologies, Inc.*	36,700		1,268,352

			6,537,755

Medical Supplies & Equipment — 7.3%
Advanced Neuromodulation Systems, Inc.*	30,500		1,402,390
Align Technology, Inc.*	72,500		1,197,700
Closure Medical Corp.*	40,600		1,377,558
Cytyc Corp.*	137,800		1,896,128
Digene Corp.*	56,300		2,257,630
Gen-Probe, Inc.*	95,000		3,464,650
ICU Medical, Inc.*(a)	73,200		2,509,296
Inamed Corp.*(a)	33,900		1,629,234
Integra LifeSciences Holdings Corp.*	62,200		1,780,786
Kensey Nash Corp.*	45,900		1,067,175
Kyphon, Inc.*	35,500		881,465
Martek Biosciences Corp.*(a)	32,300		2,098,531
Synovis Life Technologies, Inc.*	42,800		870,552
Thoratec Corp.*	45,400		590,654
Wright Medical Group, Inc.*	51,000		1,552,440

			24,576,189

Metals & Mining — 0.5%
CONSOL Energy, Inc.(a)	63,900		1,655,010

Oil & Gas — 4.9%
AGL Resources, Inc.	50,400		1,466,640
Atwood Oceanics, Inc.*	61,000		1,948,340
Cal Dive International, Inc.*	45,000		1,084,950
Core Laboratories NV*	117,200		1,956,068
Frontier Oil Corp.	76,900		1,324,218
Pride International, Inc.*(a)	148,100		2,760,584
Stone Energy Corp.*	30,600		1,298,970
Tom Brown, Inc.*	69,800		2,251,050
Universal Compression Holdings, Inc.*	54,500		1,425,720
Vintage Petroleum, Inc.	90,900		1,093,527

			16,610,067

Personal Services — 1.7%
Career Education Corp.*(a)	70,382		2,820,206
University of Phoenix Online*	40,233		2,773,261

			5,593,467

AST PBHG Small-Cap Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Pharmaceuticals — 4.4%
Accredo Health, Inc.*(a)	106,800	$	3,375,948
Covance, Inc.*(a)	111,500		2,988,200
Eon Labs, Inc.*	40,300		2,053,285
Kos Pharmaceuticals, Inc.*(a)	33,400		1,437,536
Medicis Pharmaceutical Corp. (Class “A” Stock)(a)	20,700		1,475,910
SFBC International, Inc.*	30,700		815,392
Taro Pharmaceuticals Industries Ltd.*	40,500		2,612,250

			14,758,521

Printing & Publishing — 1.3%
Applied Films Corp.*	32,300		1,066,546
Journal Register Co.*	105,900		2,192,130
Scholastic Corp.*	38,100		1,296,924

			4,555,600

Real Estate — 1.7%
Boston Properties, Inc. [REIT]	14,600		703,574
Brandywine Realty Trust [REIT]	35,400		947,658
Jones Lang Lasalle, Inc. [REIT]*	68,200		1,413,786
MeriStar Hospitality Corp. [REIT]*	423,600		2,757,636

			5,822,654

Restaurants — 2.0%
Krispy Kreme Doughnuts, Inc.*(a)	78,100		2,858,460
P.F. Chang’s China Bistro, Inc.*(a)	74,200		3,775,296

			6,633,756

Retail & Merchandising — 7.1%
Barnes & Noble, Inc.*(a)	27,500		903,375
Charming Shoppes, Inc.*	165,200		892,080
Cost Plus, Inc.*	20,700		848,700
Dick’s Sporting Goods, Inc.*	19,900		968,334
Dillard’s, Inc. (Class “A” Stock)	133,400		2,195,764
Emulex Corp.*(a)	69,100		1,843,588
Jos. A. Bank Clothiers, Inc.*	39,800		1,380,662
Kenneth Cole Productions, Inc. (Class “A” Stock)	51,000		1,499,400
Linens ‘n Things, Inc.*(a)	92,700		2,788,416
Select Comfort Corp.*	59,400		1,470,744
The Wet Seal, Inc.*	75,600		747,684
Tractor Supply Co.*	106,200		4,130,118
Urban Outfitters, Inc.*	121,600		4,505,280

			24,174,145

Semiconductors — 7.6%
Actel Corp.*	30,500		735,050
Brooks Automation, Inc.*	55,400		1,339,018
Cymer, Inc.*(a)	36,600		1,690,554
ESS Technology, Inc.*	91,200		1,551,312
Formfactor, Inc.*	53,300		1,055,340
GlobespanVirata, Inc.*(a)	210,000		1,234,800
Integrated Device Technology, Inc.*	139,500		2,395,215
LTX Corp.*	101,600		1,527,048
Marvell Technology Group Ltd.*	50,100		1,900,293


	Shares		Value

Mattson Technology, Inc.*		97,700	$	1,193,894
MKS Instruments, Inc.*		82,300		2,386,700
Omnivision Technologies, Inc.*		75,500		4,171,375
Power Integrations, Inc.*(a)		59,100		1,977,486
Silicon Laboratories, Inc.*		62,600		2,705,572

				25,863,657

Telecommunications — 2.8%
ADTRAN, Inc.		38,200		1,184,200
Boston Communications Group, Inc.*		68,700		638,223
Carrier Access Corp.*		73,200		916,464
Foundry Networks, Inc.*(a)		150,000		4,104,000
Insight Communications Co., Inc.*		182,100		1,877,451
Powerwave Technologies, Inc.*(a)		92,700		709,155

				9,429,493

Utilities — 1.2%
Massey Energy Co.		73,200		1,522,560
MGE Energy, Inc.		19,900		627,049
Philadelphia Suburban Corp.		51,000		1,127,100
UGI Corp.		19,850		672,915

				3,949,624

Total Long-Term Investments
(Cost $244,003,972)				323,989,382

	Par (000)
*SHORT-TERM INVESTMENTS — 18.7%*
Commercial Paper — 0.8%
Amsterdam Funding Corp.
1.10%, 01/05/04(b)	$	68		68,039
Concord Minutemen Capital Co.
1.13%, 02/12/04(b)		1,296		1,292,055
General Electric Capital Corp.
1.11%, 02/05/04(b)		101		100,910
Lexington Parker Capital Co.
1.10%, 01/12/04(b)		307		306,093
Monumental Global Funding
1.141%, 01/29/04 [FRN](b)(c)		32		32,432
Tulip Funding Corp.
1.10%, 01/21/04(b)		844		843,244

				2,642,773

Corporate Obligations — 8.6%
American Express Centurian
1.131%, 01/29/04 [FRN](b)(c)		4,116		4,115,661
Bear Stearns Co., Inc.
1.12%, 01/02/04 [FRN](b)(c)		5,603		5,603,062
Canadian Imperial Bank of Commerce
1.111%, 01/29/04 [FRN](b)(c)		1,516		1,515,414
General Electric Capital Corp.
1.13%, 01/02/04 [FRN](b)(c)		1,002		1,002,465
Goldman Sachs Group, Inc.
1.14%, 01/06/04 [FRN](b)(c)		1,190		1,189,588

AST PBHG Small-Cap Growth Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value

Merrill Lynch & Co., Inc.
1.13%, 01/02/04(b)	$	460	$	460,452
1.13%, 01/02/04 [FRN](b)(c)		1,085		1,085,352
Morgan Stanley
1.03%, 01/02/04 [FRN](b)(c)		2,418		2,417,856
1.08%, 01/02/04 [FRN](b)(c)		4,776		4,775,694
Natexis Banques Populaires
1.035%, 01/02/04 [FRN](b)(c)		1,502		1,502,223
1.10%, 01/02/04 [FRN](b)(c)		799		799,272
Societe Generale
1.08%, 01/02/04 [FRN](b)(c)		3,208		3,207,840
Westdeutsche Landesbank
1.111%, 01/23/04 [FRN](b)(c)		1,112		1,111,730
1.111%, 01/29/04 [FRN](b)(c)		23		22,593

				28,809,202

	Shares
Non-Registered Investment Company — 5.5%
BlackRock Institutional Money Market Trust(b)(j)		18,721,811		18,721,811

Registered Investment Company — 2.7%
BlackRock Provident Institutional Funds TempFund Portfolio		9,255,479		9,255,479


	Par (000)		Value

Repurchase Agreement — 0.6%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $1,918,657 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $2,353,979, market value including accrued interest $1,976,143)(b)	$	1,919	$	1,918,551

Time Deposits — 0.5%
Chase Manhattan Bank
0.875%, 01/02/04(b)		960		960,018
UBS Bank
0.938%, 01/02/04(b)		771		770,856

				1,730,874

Total Short-Term Investments
(Cost $63,078,690)				63,078,690

Total Investments — 114.5%
(Cost $307,082,662; Note 5)				387,068,072
Liabilities in Excess of Other Assets — (14.5%)				(48,877,388	)

Net Assets — 100.0%			$	338,190,684

The following abbreviations are used in portfolio descriptions:

ADR	American Depositary Receipt

FRN	Floating Rate Note

REIT	Real Estate Investment Trust


symbol		description
*		Non-income producing security.

(a)		Portion of securities on loan with an aggregate market value of $51,196,558; cash collateral $53,823,211 was received with which the portfolio purchased securities.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

(j)		Security available to institutional investors only.

See Notes to Financial Statements.

AST DeAM Small-Cap Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 98.4%*
*COMMON STOCK*
Advertising — 0.2%
ADVO, Inc.	31,400	$	997,264

Aerospace — 1.0%
Titan Corp. (The)*	165,400		3,607,374
United Industrial Corp.	18,700		337,535

			3,944,909

Airlines — 1.8%
AirTran Holdings, Inc.*	276,100		3,285,590
America West Holdings Corp. (Class “B” Stock)*(a)	133,100		1,650,440
ExpressJet Holdings, Inc.*	74,400		1,116,000
Mesa Air Group, Inc.*(a)	109,500		1,370,940

			7,422,970

Automobile Manufacturers — 1.2%
Oshkosh Truck Corp.	96,400		4,919,292

Broadcasting
Cumulus Media, Inc. (Class “A” Stock)*	3,686		81,092

Building & Real Estate — 0.4%
Champion Enterprises, Inc.*	212,400		1,486,800

Building Materials — 0.1%
Simpson Manufacturing Co., Inc.*	6,400		325,504

Business Services — 4.2%
Ariba, Inc.*	118,400		355,200
Dionex Corp.*	39,300		1,808,586
Exult, Inc.*	344,400		2,452,128
FreeMarkets, Inc.*	81,700		546,573
FTI Consulting, Inc.*(a)	73,250		1,711,853
Gevity HR, Inc.	122,600		2,726,624
Informatica Corp.*	110,700		1,140,210
Itron, Inc.*	50,100		919,836
John H. Harland Co.	42,500		1,160,250
Pegasus Solutions, Inc.*	60,200		630,294
Per-Se Technologies, Inc.*	57,900		883,554
Pre-Paid Legal Services, Inc.*(a)	48,300		1,261,596
Right Management Consultants, Inc.*	79,150		1,476,939

			17,073,643

Chemicals — 2.4%
Georgia Gulf Corp.(a)	139,450		4,027,316
Hercules, Inc.*	280,000		3,416,000
MacDermid, Inc.	63,000		2,157,120

			9,600,436

Clothing & Apparel — 1.8%
J. Jill Group, Inc.*	43,300		550,343
Pacific Sunwear of California, Inc.*(a)	221,650		4,681,248
Quiksilver, Inc.*	103,600		1,836,828

			7,068,419


	Shares	Value

Computer Hardware — 2.9%
Hutchinson Technology, Inc.*(a)	96,600	$	2,969,484
Komag, Inc.*	104,100		1,522,983
Lexar Media, Inc.*	149,400		2,604,042
Mercury Computer Systems, Inc.*	45,100		1,122,990
Silicon Storage Technology, Inc.*	192,000		2,112,000
Synaptics, Inc.*	103,700		1,553,426

			11,884,925

Computer Services & Software — 10.3%
Ansys, Inc.*	26,700		1,059,990
Avid Technology, Inc.*(a)	38,400		1,843,200
CACI International, Inc. (Class “A” Stock)*	35,300		1,716,286
Concur Technologies, Inc.*	99,500		963,160
Echelon Corp.*	103,600		1,154,104
Epicor Software Corp.*	200,800		2,562,207
FileNET Corp.*	23,100		625,548
Group 1 Software, Inc.*	79,500		1,400,790
IDX Systems Corp.*	49,300		1,322,226
Intergraph Corp.*	98,100		2,346,552
Keane, Inc.*	66,800		977,952
Kronos, Inc.*	64,350		2,548,904
Macrovision Corp.*	63,200		1,427,688
MatrixOne, Inc.*	143,100		881,496
Micromuse, Inc.*	195,300		1,347,570
Micros Systems, Inc.*	11,000		476,960
MicroStrategy, Inc. (Class “A” Stock)*	12,300		645,504
MRO Software, Inc.*	39,800		535,708
Netegrity, Inc.*	54,100		557,771
Omnicell, Inc.*	89,500		1,449,900
Overland Storage, Inc.*	32,800		616,640
Portal Software, Inc.*	82,620		556,033
Progress Software Corp.*	91,700		1,876,182
Rainbow Technologies, Inc.*	115,400		1,299,404
Stratasys, Inc.*	76,200		2,077,212
Sybase, Inc.*	124,800		2,568,383
TIBCO Software, Inc.*	163,400		1,106,218
Tradestation Group, Inc.*	217,500		1,927,050
Transaction Systems Architects, Inc. (Class “A” Stock)*	111,100		2,514,193
Websense, Inc.*	47,400		1,385,976

			41,770,807

Consumer Products & Services — 1.7%
Engineered Support Systems, Inc.	80,575		4,436,459
NBTY, Inc.*	54,500		1,463,870
Rollins, Inc.	36,550		824,203

			6,724,532

Containers & Packaging — 0.4%
Silgan Holdings, Inc.*	35,300		1,503,427

AST DeAM Small-Cap Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Electronic Components & Equipment — 4.9%
Benchmark Electronics, Inc.*	110,550	$	3,848,246
Checkpoint Systems, Inc.*	168,300		3,182,553
Daktronics, Inc.*	96,000		2,415,360
DSP Group, Inc.*	39,800		991,418
General Cable Corp.*	131,700		1,073,355
Landauer, Inc.	8,400		342,552
Littelfuse, Inc.*	10,300		296,846
Planar Systems, Inc.*	126,700		3,081,344
Teledyne Technologies, Inc.*	105,700		1,992,445
Varian, Inc.*	58,600		2,445,378

			19,669,497

Entertainment & Leisure — 1.4%
Ameristar Casinos, Inc.*	124,800		3,053,856
Isle of Capri Casinos, Inc.*	117,400		2,520,578

			5,574,434

Environmental Services — 0.2%
Tetra Tech, Inc.*	37,500		932,250

Farming & Agriculture — 0.3%
Delta & Pine Land Co.	46,800		1,188,720

Financial - Bank & Trust — 5.0%
East West Bancorp, Inc.	50,100		2,689,368
Flagstar Bancorp, Inc.(a)	182,100		3,900,582
Independent Bank Corp.	35,367		1,003,008
Pacific Capital Bancorp	34,400		1,266,608
R&G Financial Corp. (Class “B” Stock)	88,200		3,510,360
Republic Bancorp, Inc.	149,798		2,020,775
Texas Regional Bancshares, Inc. (Class “A” Stock)	40,920		1,514,040
UCBH Holdings, Inc.	86,700		3,378,699
Wintrust Financial Corp.	16,900		762,190

			20,045,630

Financial Services — 2.8%
Dime Community Bancshares	53,700		1,651,812
New Century Financial Corp.(a)	75,800		3,006,986
Novastar Financial, Inc.(a)	19,000		816,240
W Holding Co., Inc.	137,090		2,551,245
Westcorp, Inc.	63,000		2,302,650
World Acceptance Corp.*	50,000		995,500

			11,324,433

Healthcare Services — 3.8%
AMERIGROUP Corp.*	74,800		3,190,220
Beverly Enterprises, Inc.*(a)	314,100		2,698,119
PAREXEL International Corp.*	92,500		1,504,050
Select Medical Corp.	263,800		4,294,664
United Surgical Partners International, Inc.*	25,800		863,784
VCA Antech, Inc.*	94,600		2,930,708

			15,481,545


	Shares	Value

Hotels & Motels — 0.5%
Choice Hotels International, Inc.	54,400	$	1,917,600

Industrial Products — 0.4%
Ceradyne, Inc.*	43,300		1,474,798

Internet Services — 6.5%
Advanced Digital Information Corp.*	246,600		3,452,400
Akamai Technologies, Inc.*	93,300		1,002,975
Ask Jeeves, Inc.*	83,100		1,505,772
CNET Networks, Inc.*	115,300		786,346
Digital Insight Corp.*	58,800		1,464,120
Digital River, Inc.*	14,000		309,400
EarthLink, Inc.*	188,300		1,883,000
eCollege.com, Inc.*	151,600		2,798,536
eSPEED, Inc. (Class “A” Stock)*	60,600		1,418,646
F5 Networks, Inc.*	50,800		1,275,080
FindWhat.com*	232,100		4,351,874
J2 Global Communications, Inc.*	20,600		510,262
NetBank, Inc.	74,900		999,915
Openwave Systems, Inc.*	54,700		601,700
Packeteer, Inc.*	61,400		1,042,572
Priceline.com, Inc.*	43,083		771,186
Secure Computing Corp.*	32,900		589,239
United Online, Inc.*(a)	30,750		516,293
WebEx Communications, Inc.*	54,400		1,093,440

			26,372,756

Machinery & Equipment — 1.1%
Nordson Corp.	43,600		1,505,508
Toro Co.	63,600		2,951,040

			4,456,548

Medical Supplies & Equipment — 10.3%
Advanced Medical Optics, Inc.*	51,800		1,017,870
ALARIS Medical Systems, Inc.*	107,300		1,632,033
BioReliance Corp.*	31,100		1,487,202
Cytyc Corp.*	86,900		1,195,744
Digene Corp.*	69,900		2,802,990
Enzo Biochem, Inc.*	107,610		1,927,295
Gen-Probe, Inc.*	80,200		2,924,894
Inamed Corp.*(a)	37,200		1,787,832
Integra LifeSciences Holdings Corp.*	107,200		3,069,136
Intermagnetics General Corp.*	22,100		489,736
Kyphon, Inc.*	79,700		1,978,951
Martek Biosciences Corp.*(a)	64,300		4,177,571
Merit Medical Systems, Inc.*	159,421		3,548,719
Molecular Devices Corp.*	26,900		510,831
OraSure Technologies, Inc.*	61,300		487,948
Quidel Corp.*	69,000		746,580
Regeneration Technologies, Inc.*	157,800		1,729,488
SurModics, Inc.*(a)	66,800		1,596,520
Sybron Dental Specialties, Inc.*	89,100		2,503,710
Synovis Life Technologies, Inc.*	59,800		1,216,332
Ventana Medical Systems, Inc.*	53,000		2,088,200

AST DeAM Small-Cap Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Vital Images, Inc.*	29,400	$	524,496
Wilson Greatbatch Technologies, Inc.*(a)	49,200		2,079,684

			41,523,762

Metals & Mining — 0.7%
Hecla Mining Co.*	349,700		2,899,013

Office Equipment — 0.7%
United Stationers, Inc.*	64,900		2,655,708


Oil & Gas — 4.5%
Evergreen Resources, Inc.*(a)	99,500		3,234,745
KCS Energy, Inc.*	103,200		1,088,760
Oceaneering International, Inc.*	65,200		1,825,600
Patina Oil & Gas Corp.	101,625		4,978,609
Remington Oil & Gas Corp.*	110,200		2,169,838
Southwestern Energy Co.*	70,400		1,682,560
St. Mary Land & Exploration Co.	55,300		1,576,050
Unit Corp.*	61,400		1,445,970

			18,002,132

Personal Services — 1.2%
Strayer Education, Inc.	9,800		1,066,534
Sylvan Learning Systems, Inc.*	136,800		3,938,472

			5,005,006

Pharmaceuticals — 6.3%
aaiPharma, Inc.*(a)	106,400		2,672,768
Bradley Pharmaceuticals, Inc.*	103,000		2,619,290
Cell Therapeutics, Inc.*(a)	46,800		407,160
Enzon Pharmaceuticals, Inc.*	251,500		3,018,000
Esperion Therapeutics, Inc.*(a)	33,500		1,159,435
Inveresk Research Group, Inc.*	26,900		665,237
K-V Pharmaceutical Co. (Class “A” Stock)*	39,050		995,775
Kos Pharmaceuticals, Inc.*(a)	61,000		2,625,440
MGI Pharma, Inc.*	30,700		1,263,305
Onyx Pharmaceuticals, Inc.*	59,700		1,685,331
Perrigo Co.	141,800		2,229,096
Progenics Pharmaceuticals, Inc.*	13,100		247,066
SciClone Pharmaceuticals, Inc.*	108,700		736,986
Serologicals Corp.*	132,200		2,458,920
SFBC International, Inc.*	71,700		1,904,352
United Therapeutics Corp.*	38,000		872,100

			25,560,261

Real Estate — 1.4%
Alexandria Real Estate Equities, Inc. [REIT]	18,000		1,042,200
CoStar Group, Inc.*	24,800		1,033,664
Essex Property Trust, Inc. [REIT]	23,500		1,509,170
IMPAC Mortgage Holdings, Inc. [REIT]	48,600		885,006


	Shares	Value

Washington Real Estate Investment Trust [REIT]	34,200	$	998,640

			5,468,680

Restaurants — 1.9%
California Pizza Kitchen, Inc.*	28,200		567,666
P.F. Chang’s China Bistro, Inc.*(a)	83,900		4,268,832
Panera Bread Co. (Class “A” Stock)*	67,100		2,652,463

			7,488,961

Retail & Merchandising — 6.0%
7-Eleven, Inc.*	174,600		2,802,330
Aeropostale, Inc.*	58,500		1,604,070
Hibbett Sporting Goods, Inc.*	14,700		438,060
Hollywood Entertainment Corp.*	221,400		3,044,250
Hot Topic, Inc.*	132,500		3,903,450
Movie Gallery, Inc.	176,800		3,302,624
PETCO Animal Supplies, Inc.*	157,800		4,805,010
Tuesday Morning Corp.*	67,100		2,029,775
Yankee Candle Co., Inc.*	78,300		2,139,939

			24,069,508

Semiconductors — 4.1%
Chippac, Inc. (Class “A” Stock)	257,200		1,952,148
Kopin Corp.*	46,100		309,331
Lattice Semiconductor Corp.*	76,900		744,392
LTX Corp.*	73,200		1,100,196
Mattson Technology, Inc.*	143,900		1,758,458
Micrel, Inc.*	40,700		634,106
Microsemi Corp.*	102,300		2,514,534
MKS Instruments, Inc.*	52,500		1,522,500
Mykrolis Corp.*	50,700		815,256
Photronics, Inc.*	127,600		2,541,792
Power Integrations, Inc.*(a)	18,400		615,664
Vitesse Semiconductor Corp.*	166,300		976,181
White Electronic Designs Corp.*	131,400		1,156,320

			16,640,878

Telecommunications — 5.7%
Aspect Communications Corp.*	132,100		2,081,896
Boston Communications Group, Inc.*	103,100		957,799
Comtech Telecommunications Corp.*	115,100		3,322,937
Golden Telecom, Inc.*	22,200		616,050
Intervoice, Inc.*	94,500		1,121,715
Intrado, Inc.*	31,900		700,205
Plantronics, Inc.*	65,800		2,148,370
RF Micro Devices, Inc.*	373,200		3,750,660
Sonus Networks, Inc.*	179,300		1,355,508
SpectraLink Corp.	77,700		1,489,509
TALK America Holdings, Inc.*	149,100		1,717,632
ViaSat, Inc.*	51,500		985,710
Westell Technologies, Inc. (Class “A” Stock)*	443,100		2,795,961

			23,043,952

AST DeAM Small-Cap Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares		Value

Transportation — 0.3%
Knight Transportation, Inc.*		47,000	$	1,205,550

Total Long-Term Investments
(Cost $338,615,419)				396,805,642

	Par (000)
*SHORT-TERM INVESTMENTS — 9.2%*
Commercial Paper — 0.5%
Concord Minutemen Capital Co.
1.13%, 02/12/04(b)	$	1,244		1,240,824
Silver Tower U.S. Funding
1.13%, 02/02/04(b)		911		908,824

				2,149,648

Corporate Obligations — 3.6%
American Express Centurian
1.131%, 01/29/04 [FRN](b)(c)		2,271		2,271,353
Bear Stearns Co., Inc.
1.12%, 01/02/04 [FRN](b)(c)		1,569		1,569,282
Canadian Imperial Bank of Commerce
1.111%, 01/29/04 [FRN](b)(c)		1,230		1,229,784
Merrill Lynch & Co., Inc.
1.13%, 01/02/04 [FRN](b)(c)		4,673		4,672,962
1.13%, 01/02/04(b)		454		453,528
Morgan Stanley
1.03%, 01/02/04 [FRN](b)(c)		239		239,478
1.08%, 01/02/04 [FRN](b)(c)		486		485,703
Natexis Banques Populaires
1.10%, 01/02/04 [FRN](b)(c)		2,668		2,667,570
Societe Generale
1.08%, 01/02/04 [FRN](b)(c)		1,067		1,066,338

				14,655,998

	Shares
Non-Registered Investment Company — 4.2%
BlackRock Institutional Money Market Trust(b)(j)		16,480,413		16,480,413


	Par (000)		Value

Repurchase Agreements — 0.5%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $1,889,807 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $2,318,583, market value including accrued interest $1,946,428)(b)	$	1,890	$	1,889,702

Time Deposits — 0.2%
Chase Manhattan Bank
0.875%, 01/02/04(b)		690		689,892
UBS Bank
0.938%, 01/02/04(b)		309		309,220

				999,112

U.S. Treasury Obligation — 0.2%
U.S. Treasury Bills
0.93%, 01/29/04(k)(n)		1,000		999,324

Total Short-Term Investments
(Cost $37,174,150)				37,174,197

Total Investments — 107.6%
(Cost $375,789,569; Note 5)				433,979,839
Liabilities in Excess of Other Assets — (7.6%)				(30,550,032	)

Net Assets — 100.0%			$	403,429,807

AST DeAM Small-Cap Growth Portfolio

Schedule of Investments

December 31, 2003

The following abbreviations are used in portfolio descriptions:

FRN	Floating Rate Note

REIT	Real Estate Investment Trust


symbol		description
*		Non-income producing security.

(a)		Portion of securities on loan with an aggregate market value of $34,443,314; cash collateral $36,174,873 was received with which the portfolio purchased securities.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

(j)		Security available to institutional investors only.

(k)		Securities with an aggregate market value of $999,324 have been segregated with the custodian to cover margin requirements for the following open futures contracts at December 31, 2003:


Description	Expiration Month	Number of Contracts	Contracts at Trade Date Value		Contracts at Current Value		Unrealized Appreciation

Long Positions:
Russell 2000	03/04	26	$	7,212,200	$	7,243,600	$	31,400



(n)		Rates shown are the effective yields at purchase date.

See Notes to Financial Statements.

AST Federated Aggressive Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 97.8%*
*COMMON STOCK*
Advertising — 1.0%
Getty Images, Inc.*	11,200	$	561,456
Lamar Advertising Co.*	17,500		653,100
Valueclick, Inc.*	76,440		694,075

			1,908,631

Aerospace — 0.4%
DRS Technologies, Inc.*	24,211		672,582

Airlines
Ryanair Holdings PLC [ADR]*	142		7,191

Automotive Parts — 4.5%
Advance Auto Parts, Inc.*	80,236		6,531,211
Monro Muffler Brake, Inc.*	95,431		1,909,574

			8,440,785

Broadcasting — 1.3%
Entercom Communications Corp.*	9,680		512,653
Sky Perfect Communications, Inc. (Japan)*	1,456		1,711,822
Spanish Broadcasting Systems, Inc. (Class “A” Stock)*	21,600		226,800

			2,451,275

Building Materials — 0.3%
Cemex SA de CV [ADR]	2,100		55,230
Simpson Manufacturing Co., Inc.*	8,160		415,018

			470,248

Business Services — 5.3%
Arbitron, Inc.*	11,400		475,608
Ctrip.Com International Ltd. [ADR]*	32,700		1,112,127
Exponent, Inc.*	30,035		642,749
Exult, Inc.*	119,080		847,850
Fair Isaac Corp.	11,232		552,165
Indus International, Inc.*	286,000		858,000
Informatica Corp.*	118,695		1,222,559
Kroll, Inc.*	19,970		519,220
Marimba, Inc.*	8,300		45,650
Monster Worldwide, Inc.*	63,960		1,404,561
NuCo2, Inc.*	37,600		476,392
Pegasus Solutions, Inc.*	25,600		268,032
SM&A*	24,900		291,330
Tech Data Corp.*	23,608		937,002
Visual Networks, Inc.*	160,580		359,699

			10,012,944

Cable Television — 4.1%
Central European Media Enterprises Ltd. (Class “A” Stock)*	442,888		7,692,965

Chemicals — 0.4%
Cabot Microelectronics Corp.*	16,770		821,730


	Shares	Value

Computer Hardware — 3.8%
Cray, Inc.*	43,520	$	432,154
Komag, Inc.*	34,900		510,587
Lexar Media, Inc.*	27,100		472,353
Maxtor Corp.*	87,400		970,140
SanDisk Corp.*	7,840		479,338
Seagate Technology	108,070		2,042,523
Synaptics, Inc.*	148,834		2,229,533

			7,136,628

Computer Services & Software — 6.0%
Altiris, Inc.*	22,568		823,281
At Road, Inc.*	13,250		176,225
Avid Technology, Inc.*	4,000		192,000
BARRA, Inc.	5,600		198,744
BindView Development Corp.*	144,500		544,765
Business Objects SA [ADR]*	38,480		1,334,102
Cognos, Inc. (Canada)*	6,978		213,666
DigitalNet Holdings, Inc.*	18,400		358,800
EMC Corp.*	33,114		427,833
FactSet Research Systems, Inc.	4,960		189,522
FileNET Corp.*	19,656		532,284
Hummingbird Ltd. (Canada)*	19,800		426,690
Magma Design Automation, Inc.*	64,740		1,511,032
Manhattan Associates, Inc.*	7,930		219,185
MicroStrategy, Inc. (Class “A” Stock)*	3,450		181,056
Netegrity, Inc.*	55,640		573,648
Niku Corp.*	23,300		198,050
OpenTV Corp.*	99,100		331,985
PEC Solutions, Inc.*	10,400		176,280
Pervasive Software, Inc.*	107,744		781,144
SafeNet, Inc.*	41,800		1,286,186
Siebel Systems, Inc.*	35,300		489,611

			11,166,089

Consumer Products & Services — 2.3%
1-800-Flowers.Com, Inc.*	48,900		540,834
Concorde Career Colleges, Inc.*	16,600		414,502
Dollar Thrifty Automotive Group, Inc.*	34,610		897,783
eDiets.Com, Inc. (Class “A” Stock)*	51,300		316,008
Elizabeth Arden, Inc.*	37,800		752,976
NBTY, Inc.*	49,700		1,334,942

			4,257,045

Electronic Components & Equipment — 2.5%
American Power Conversion Corp.	31,167		762,033
Avnet, Inc.*	7,600		164,616
CEVA, Inc.*	146,978		1,528,571
M-Systems Flash Disk Pioneers Ltd. (Israel)*	45,200		781,056
Vicor Corp.*	84,656		965,925
Wolfson Microelectronics PLC (United Kingdom)*	87,500		501,244

			4,703,445

AST Federated Aggressive Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Entertainment & Leisure — 3.5%
Ambassadors Group, Inc.	10,100	$	237,249
Dover Downs Gaming & Entertainment, Inc.	12,120		114,655
International Speedway Corp. (Class “A” Stock)	29,328		1,309,788
Speedway Motorsports, Inc.	31,700		916,764
Winnebago Industries, Inc.	58,700		4,035,626

			6,614,082

Environmental Services — 0.1%
Allied Waste Industries, Inc.*	15,500		215,140

Financial Services — 3.3%
Affiliated Managers Group, Inc.*	15,458		1,075,722
Bankrate, Inc.*	46,900		580,622
Federal Agricultural Mortgage Corp.*	24,138		771,450
IndyMac Bancorp, Inc.	12,180		362,842
Providian Financial Corp.*	242,256		2,819,861
SFGC Co., Ltd. (Japan)	5,200		666,679

			6,277,176

Food — 0.7%
Dean Foods Co.*	4,125		135,589
Volume Services America Holdings, Inc.	55,000		915,750
Whole Foods Market, Inc.	5,200		349,076

			1,400,415

Healthcare Services — 3.4%
Community Health Systems, Inc.*	18,600		494,388
LifePoint Hospitals, Inc.*	37,981		1,118,541
Medarex, Inc.*	115,700		720,811
National Dentex Corp.*	14,590		350,160
Province Healthcare Co.*	32,032		512,512
Select Medical Corp.	27,000		439,560
Sequenom, Inc.*	40,600		129,108
TLC Vision Corp. (Canada)*	85,100		564,213
United Surgical Partners International, Inc.*	29,890		1,000,717
VCA Antech, Inc.*	34,750		1,076,555

			6,406,565

Hotels & Motels — 1.4%
Orient-Express Hotels Ltd.	59,093		970,898
Prime Hospitality Corp.*	163,342		1,666,088

			2,636,986

Industrial Products — 0.2%
Steel Dynamics, Inc.*	13,060		306,779

Insurance — 2.5%
Axis Capital Holdings Ltd.*	17,012		498,111
Endurance Specialty Holdings Ltd.	7,700		258,335
Philadelphia Consolidated Holdings Corp.*	34,024		1,661,392
RTW, Inc.*	50,730		326,701


	Shares	Value

WellChoice, Inc.*	55,740	$	1,923,030

			4,667,569

Internet Services — 3.8%
Advanced Digital Information Corp.*	15,050		210,700
Digital Impact, Inc.*	342,550		986,544
eCollege.com, Inc.*	15,166		279,964
Mediagrif Interactive Technologies, Inc. (Canada)*	168,400		1,391,768
Netopia, Inc.*	50,700		739,206
NIC, Inc.*	207,792		1,668,570
Online Resources Corp.*	216,959		1,433,882
Online Resources Corp. (Germany)*144A	61,000		400,160

			7,110,794

Machinery & Equipment — 0.1%
Graco, Inc.	5,690		228,169

Medical Supplies & Equipment — 6.7%
Aspect Medical Systems, Inc.*	68,960		786,834
Cambridge Heart, Inc.*	340,600		306,540
Cytyc Corp.*	120,848		1,662,868
DJ Orthopedics, Inc.*	36,214		970,535
Dyax Corp.*	331,244		2,722,826
Endologix, Inc.*	131,100		520,467
Illumina, Inc.*	27,800		195,990
Inamed Corp.*	17,530		842,492
Invitrogen Corp.*	7,000		490,000
Kyphon, Inc.*	54,674		1,357,555
OraSure Technologies, Inc.*	14,000		111,440
Orthofix International NV*	33,134		1,622,903
Therasense, Inc.*	37,440		760,032
Zoll Medical Corp.*	3,700		131,276

			12,481,758

Metals & Mining — 0.9%
Glamis Gold Ltd. (Canada)*	39,900		683,088
Golden Star Resources Ltd. (Canada)*	32,100		223,737
Hecla Mining Co.*	34,200		283,518
Pan American Silver Corp. (Canada)*	11,100		158,730
Placer Dome, Inc.	16,400		293,724

			1,642,797

Oil & Gas — 1.0%
Anadarko Petroleum Corp.	18,000		918,180
Encore Acquisition Co.*	20,400		502,860
Oceaneering International, Inc.*	16,520		462,560

			1,883,600

Personal Services — 0.1%
Universal Technical Institute, Inc.*	6,900		207,000

Pharmaceuticals — 8.5%
Acusphere, Inc.*	117,000		1,027,260
Alexion Pharmaceuticals, Inc.*	118,604		2,018,641
Atrix Laboratories, Inc.*	43,310		1,041,172

AST Federated Aggressive Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Avigen, Inc.*	63,800	$	375,144
Biovail Corp. (Canada)*	10,000		214,900
Corixa Corp.*	20,000		120,800
CV Therapeutics, Inc.*	27,976		410,128
DOV Pharmaceutical, Inc.*	42,920		578,132
Dr. Reddy’s Laboratories Ltd. [ADR]	11,360		359,544
Encysive Pharmaceuticals, Inc.*	25,000		223,750
Eon Labs, Inc.*	10,180		518,671
Exelixis, Inc.*	28,990		205,249
I-Flow Corp.*	25,300		351,923
ILEX Oncology, Inc.*	34,700		737,375
InterMune, Inc.*	9,530		220,715
King Pharmaceuticals, Inc.*	56,280		858,833
MIM Corp.*	34,010		239,090
Neurochem, Inc. (Canada)*	63,100		1,487,898
Onyx Pharmaceuticals, Inc.*	35,150		992,285
Point Therapeutics, Inc.*144A (cost $700,000; purchased 9/26/03)(g)(o)	350,000		1,055,250
Ranbaxy Laboratories-Sp [GDR]	12,500		300,876
Shire Pharmaceuticals Group PLC [ADR]*	24,024		697,897
Telik, Inc.*	73,642		1,694,502
Vicuron Pharmaceuticals, Inc.*	13,200		246,180

			15,976,215

Printing & Publishing — 0.2%
Journal Communications, Inc. (Class “A” Stock)	25,000		463,250

Real Estate — 4.5%
Agree Realty Corp. [REIT]	5,200		147,056
American Financial Realty Trust [REIT]	10,000		170,500
Coachmen Industries, Inc.	120,200		2,176,822
CoStar Group, Inc.*	37,357		1,557,040
First Potomac Realty Trust [REIT]*	75,000		1,405,500
Wetherspoon (J.D.) PLC (United Kingdom)	608,816		3,040,756

			8,497,674

Restaurants — 2.9%
Bob Evans Farms, Inc.	5,620		182,425
Outback Steakhouse, Inc.	21,400		946,094
Ruby Tuesday, Inc.	16,700		475,783
The Cheesecake Factory, Inc.*	85,428		3,761,395

			5,365,697

Retail & Merchandising — 3.7%
A.C. Moore Arts & Crafts, Inc.*	18,800		362,088
CarMax, Inc.*	25,955		802,788
Cost Plus, Inc.*	6,100		250,100
Dick’s Sporting Goods, Inc.*	10,577		514,677
Dollar Tree Stores, Inc.*	36,300		1,091,178
Family Dollar Stores, Inc.	8,910		319,691
LKQ Corp.*	12,700		227,965


	Shares	Value

PETCO Animal Supplies, Inc.*	10,000	$	304,500
PETsMART, Inc.	71,850		1,710,030
Shoe Carnival, Inc.*	7,700		137,060
Talbots, Inc. (The)	37,960		1,168,409

			6,888,486

Semiconductors — 8.2%
Amkor Technology, Inc.*	20,600		375,126
ARM Holdings PLC [ADR]*	252,476		1,742,084
Asyst Technologies, Inc.*	48,500		841,475
ATI Technologies, Inc. (Canada)*	85,970		1,299,866
August Technology Corp.*	39,000		723,450
Cirrus Logic, Inc.*	63,200		484,744
Conexant Systems, Inc.*	88,200		438,354
Cree, Inc.*	74,360		1,315,428
ESS Technology, Inc.*	13,600		231,336
Genus, Inc.*	346,000		2,076,000
GlobespanVirata, Inc.*	106,782		627,878
Integrated Device Technology, Inc.*	94,100		1,615,697
Kopin Corp.*	15,700		105,347
Metron Technology NV*	178,400		767,120
MKS Instruments, Inc.*	9,800		284,200
TriQuint Semiconductor, Inc.*	46,600		329,462
Ultratech Stepper, Inc.*	22,900		672,573
Vitesse Semiconductor Corp.*	95,742		562,006
Xicor, Inc.*	79,400		900,396

			15,392,542

Telecommunications — 4.1%
Foundry Networks, Inc.*	35,464		970,295
Hungarian Telephone & Cable Co.*	10,100		99,586
Intrado, Inc.*	39,437		865,642
L-3 Communications Holdings, Inc.*	8,370		429,883
RADVision Ltd. (Israel)*	174,410		1,990,018
TALK America Holdings, Inc.*	157,300		1,812,096
UTStarcom, Inc.*	25,380		940,837
Western Wireless Corp. (Class “A” Stock)*	24,600		451,656
Wireless Matrix Corp. (Canada)*	51,200		64,978

			7,624,991

Transportation — 6.0%
ABX Air, Inc.*	892,880		3,839,384
EGL, Inc.*	91,000		1,597,960
Expeditors International of Washington, Inc.	51,896		1,954,403
Forward Air Corp.*	26,800		737,000
Quality Distribution, Inc.*	107,600		2,103,580
UTI Worldwide, Inc.	25,345		961,336

			11,193,663

Utilities — 0.1%
Consolidated Water Co. Ltd.	7,200		144,360

Total Common Stock
(Cost $145,951,252)			183,367,266

AST Federated Aggressive Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*PREFERRED STOCK*
Telecommunications
Crown Castle International Corp., 6.25%*
(Cost $68,513)	2,100	$	91,350

WARRANT*
Pharmaceuticals
Point Therapeutics, expiring on 09/24/2008
(Cost $0)	175,000		0

Total Long-Term Investments
(Cost $146,019,765)			183,458,616


	Par (000)		Value

*SHORT-TERM INVESTMENT — 1.8%*
Repurchase Agreement
Greenwich Capital Markets, Inc.
0.70%, maturing 12/31/03, to be repurchased on 01/02/04, repurchase price $3,444,134 (Collateralized by U.S. Treasury Bills, 2.875%(n), maturing 06/30/04, par value $3,484,000, market value including accrued interest $3,515,574) (Cost $3,444,000)	$	3,444	$	3,444,000

Total Investments — 100.4%
(Cost $149,463,765; Note 5)				186,902,616
Liabilities in Excess of Other Assets — (0.4%)				662,581

Net Assets — 100.0%			$	187,565,197

The following abbreviations are used in portfolio descriptions:

144A	Security was purchased pursuant to Rule 144A under the securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted 144A securities are deemed to be liquid.

ADR	American Depositary Receipt

GDR	Global Depositary Receipt

REIT	Real Estate Investment Trust


symbol		description
*		Non-income producing security.

(g)		Indicates a security that has been deemed illiquid. The aggregate cost of the illiquid security is $700,000. The aggregate value, $1,055,250 represents 0.56% of net assets.
(n)		Rates shown are the effective yields at purchase date.
(o)		Indicates a fair valued security.

See Notes to Financial Statements.

AST Goldman Sachs Small-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 98.3%*
*COMMON STOCK*
Advertising — 0.8%
ADVO, Inc.	46,784	$	1,485,860
Getty Images, Inc.*	3,500		175,455
Lamar Advertising Co.*(a)	28,974		1,081,310

			2,742,625

Aerospace — 2.2%
DRS Technologies, Inc.*	11,032		306,469
Ducommun, Inc.*	99,350		2,220,473
MTC Technologies, Inc.*	123,353		3,974,433
Rockwell Collins, Inc.	31,128		934,774

			7,436,149

Airlines — 0.3%
AirTran Holdings, Inc.*	98,483		1,171,948

Automobile Manufacturers — 0.3%
Monaco Coach Corp.*	36,936		879,077

Automotive Parts — 3.6%
American Axle & Manufacturing Holdings, Inc.*(a)	67,750		2,738,455
ArvinMeritor, Inc.	66,326		1,599,783
Lear Corp.	12,149		745,098
Superior Industries International, Inc.	19,932		867,441
Wabash National Corp.*	212,553		6,227,803

			12,178,580

Beverages — 0.1%
Pepsi Bottling Group, Inc.(a)	12,200		294,996

Broadcasting — 0.7%
Belo Corp. (Class “A” Stock)	23,762		673,415
Regent Communications, Inc.*	212,375		1,348,581
Saga Communications, Inc. (Class “A” Stock)*	27,881		516,635

			2,538,631

Building Materials — 2.7%
American Standard Companies, Inc.*	9,733		980,113
ElkCorp	41,171		1,099,266
Hughes Supply, Inc.	83,019		4,119,402
Lennox International, Inc.	49,360		824,312
Texas Industries, Inc.	18,146		671,402
Universal Forest Products, Inc.	46,214		1,487,167

			9,181,662

Business Services — 1.2%
John H. Harland Co.	20,201		551,487
Medical Staffing Network Holdings, Inc.*	157,952		1,729,575
PRG-Schultz International, Inc.*(a)	271,360		1,329,664
Tech Data Corp.*	16,300		646,947

			4,257,673


	Shares	Value

Chemicals — 3.3%
Agrium, Inc. (Canada)	168,697	$	2,776,753
Albemarle Corp.	67,392		2,019,738
Cytec Industries, Inc.*	19,098		733,172
Minerals Technologies, Inc.	24,418		1,446,767
Monsanto Co.	24,600		707,988
Praxair, Inc.	22,200		848,040
Sensient Technologies Corp.(a)	111,564		2,205,620
TETRA Technologies, Inc.*	31,536		764,433

			11,502,511

Clothing & Apparel — 1.4%
K-Swiss, Inc. (Class “A” Stock)	33,586		808,079
Kellwood Co.	54,562		2,237,042
OshKosh B’Gosh, Inc. (Class “A” Stock)	19,224		412,547
Too, Inc.*	64,524		1,089,165
Tropical Sportswear International Corp.*	179,209		390,676

			4,937,509

Computer Hardware — 1.7%
Hutchinson Technology, Inc.*(a)	110,718		3,403,472
Imation Corp.	24,949		876,957
Integrated Circuit Systems, Inc.*	20,400		581,196
Komag, Inc.*	52,626		769,918
Storage Technology Corp.*	8,700		224,025

			5,855,568

Computer Services & Software — 2.9%
Activision, Inc.*	58,600		1,066,520
Anteon International Corp.*	12,200		439,810
CDW Corp.	13,800		797,088
Enterasys Networks, Inc.*	154,114		577,928
Extreme Networks, Inc.*	146,504		1,056,294
GTSI Corp.*	10,889		150,824
NetIQ Corp.*	205,185		2,718,700
OPNET Technologies, Inc.*	56,573		931,192
ScanSource, Inc.*	42,721		1,948,932
Symantec Corp.*(a)	11,768		407,761

			10,095,049

Conglomerates — 0.3%
ITT Industries, Inc.	6,300		467,523
Johnson Controls, Inc.	4,257		494,323

			961,846

Construction — 1.4%
Beazer Homes USA, Inc.	15,630		1,526,426
Standard Pacific Corp.	54,117		2,627,380
WCI Communities, Inc.*	25,584		527,286

			4,681,092

Consumer Products & Services — 4.0%
Aaron Rents, Inc. (Class “B” Stock)	91,990		1,851,759
Clorox Co.	8,600		417,616

AST Goldman Sachs Small-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Concord Camera Corp.*	153,311	$	1,418,127
Elizabeth Arden, Inc.*	119,472		2,379,882
Estee Lauder Companies, Inc. (Class “A” Stock)	12,475		489,769
Fossil, Inc.*	69,684		1,951,849
Helen of Troy Ltd.*	26,289		608,590
Jarden Corp.*	112,482		3,075,257
Oneida Ltd.*(a)	115,111		678,004
Rayovac Corp.*	13,327		279,201
UST, Inc.	17,903		638,958

			13,789,012

Containers & Packaging — 0.4%
Packaging Corp. of America	27,925		610,440
Sealed Air Corp.*	8,700		471,018
Sonoco Products Co.	14,066		346,305

			1,427,763

Electronic Components & Equipment — 3.8%
Artisan Components, Inc.*	48,016		984,328
Baldor Electric Co.	26,086		596,065
EDO Corp.	52,251		1,287,987
Fargo Electronics, Inc.*	119,030		1,514,062
FLIR Systems, Inc.*(a)	27,785		1,014,153
Franklin Electric Co., Inc.	21,309		1,288,981
GrafTech International Ltd.*	254,954		3,441,879
LoJack Corp.*	15,418		124,269
OpticNet, Inc.*	20,300		0
Rockwell Automation, Inc.	16,200		576,720
Symbol Technologies, Inc.	23,500		396,915
Varian, Inc.*	31,352		1,308,319
Zebra Technologies Corp. (Class “A” Stock)*	9,225		612,263

			13,145,941

Entertainment & Leisure — 1.2%
Argosy Gaming Co.*	54,605		1,419,184
Harrah’s Entertainment, Inc.	12,844		639,246
Station Casinos, Inc.	72,235		2,212,558

			4,270,988

Environmental Services — 0.8%
Republic Services, Inc.	29,446		754,701
TRC Companies, Inc.*	33,374		702,856
Waste Connections, Inc.*	34,472		1,302,008

			2,759,565

Financial - Bank & Trust — 12.8%
Accredited Home Lenders Holding Co.*	52,323		1,601,084
Alabama National Bancorp	12,710		667,911
Banknorth Group, Inc.	31,691		1,030,908
BankUnited Financial Corp.*	84,108		2,169,145
Berkshire Hills Bancorp, Inc.	25,551		924,946
Brookline Bancorp, Inc.(a)	112,548		1,726,486


	Shares	Value

Capital Corp of the West*	6,981	$	276,727
Cardinal Financial Corp.*	73,195		606,055
Citizens Banking Corp.	96,814		3,167,754
City National Corp.	17,800		1,105,736
Community First Bankshares, Inc.	57,768		1,671,806
Corus Bankshares, Inc.	36,438		1,149,983
Fidelity Bankshares, Inc.	40,623		1,275,562
First Community Bancorp	39,907		1,442,239
First Niagara Financial Group, Inc.	164,278		2,449,385
First Oak Brook Bancshares, Inc.	22,493		675,015
Greater Bay Bancorp(a)	125,024		3,560,683
IBERIABANK Corp.	29,817		1,759,203
Interchange Financial Services Corp.	10,666		269,850
Irwin Financial Corp.	51,868		1,628,655
M&T Bank Corp.	12,363		1,215,283
Main Street Banks, Inc.	44,227		1,172,016
Mercantile Bankshares Corp.	9,900		451,242
New York Community Bancorp, Inc.(a)	23,300		886,565
North Fork Bancorp, Inc.(a)	19,300		781,071
PFF Bancorp, Inc.	80,458		2,919,016
Republic Bancorp, Inc.	148,505		2,003,332
Southcoast Financial Corp.*	18,928		397,488
SouthTrust Corp.	28,604		936,209
Sterling Bancorp	22,317		636,035
Sun Bancorp, Inc.*	13,405		353,892
United Community Banks, Inc.	33,906		1,115,507
Western Sierra Bancorp*	1,403		65,941
Wintrust Financial Corp.	30,963		1,396,431

			43,489,161

Financial Services — 3.4%
Affiliated Managers Group, Inc.*(a)	26,151		1,819,848
AMBAC Financial Group, Inc.	4,100		284,499
Bear Stearns Companies, Inc.(a)	6,522		521,434
CIT Group, Inc.	23,200		834,040
Countrywide Financial Corp.(a)	12,556		952,373
Financial Federal Corp.*	64,177		1,960,607
IndyMac Bancorp, Inc.	74,781		2,227,726
LaBranche & Co., Inc.*(a)	142,333		1,661,026
Sky Financial Group, Inc.	54,830		1,422,290

			11,683,843

Food — 0.4%
American Italian Pasta Co. (Class “A” Stock)(a)	24,563		1,029,190
Hain Celestial Group, Inc.*	13,795		320,182

			1,349,372

Healthcare Services — 0.8%
NDCHealth Corp.(a)	39,811		1,019,958
United Surgical Partners International, Inc.*	51,068		1,709,756

			2,729,714

AST Goldman Sachs Small-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Hotels & Motels — 0.1%
Hilton Hotels Corp.	29,707	$	508,881

Industrial Products — 3.6%
Actuant Corp.*	63,318		2,292,112
Carlisle Companies, Inc.	7,600		462,536
Harsco Corp.	55,946		2,451,553
Lydall, Inc.*	194,554		1,982,505
Maverick Tube Corp.*	105,402		2,028,989
Mueller Industries, Inc.*	71,026		2,440,453
Nucor Corp.(a)	10,349		579,544

			12,237,692

Insurance — 5.4%
Aetna, Inc.	9,503		642,213
AmerUs Group Co.(a)	39,591		1,384,497
Axis Capital Holdings Ltd.*	10,000		292,800
Donegal Group, Inc.	27,302		601,190
Horace Mann Educators Corp.	55,029		768,755
Hub International Ltd. (Canada)	61,597		1,032,366
Navigators Group, Inc.*	32,353		998,737
NYMAGIC, Inc.	27,609		757,039
PartnerRe Ltd.	16,723		970,770
ProAssurance Corp.*	43,951		1,413,025
PXRE Corp.	51,001		1,202,094
RenaissanceRe Holdings Ltd.(a)	23,705		1,162,730
RLI Corp.	58,143		2,178,036
St. Paul Companies, Inc.(a)	8,100		321,165
StanCorp Financial Group, Inc.	25,745		1,618,846
Torchmark Corp.	13,300		605,682
U.S.I. Holdings Corp.*	74,743		975,396
UnumProvident Corp.	21,100		332,747
Willis Group Holdings Ltd. (United Kingdom)*	33,089		1,127,342

			18,385,430

Internet Services — 2.4%
Ask Jeeves, Inc.*	7,918		143,474
GTECH Holdings Corp.(a)	32,777		1,622,134
Lionbridge Technologies, Inc.*	460,315		4,423,627
NetBank, Inc.	41,013		547,524
SeeBeyond Technology Corp.*	193,298		829,248
United Online, Inc.*(a)	32,424		544,399

			8,110,406

Machinery & Equipment — 1.3%
Eaton Corp.	9,200		993,416
Hydril Co.*	28,141		673,414
Stanley Works	8,600		325,682
Terex Corp.*	81,246		2,313,886

			4,306,398

Medical Supplies & Equipment — 1.0%
AmerisourceBergen Corp.	12,400		696,260
Charles River Laboratories International, Inc.*	14,500		497,785


	Shares	Value

Lifeline Systems, Inc.*	14,694	$	279,186
Radiologix, Inc.*	273,944		928,670
Sybron Dental Specialties, Inc.*	39,846		1,119,673

			3,521,574

Metals & Mining — 1.5%
Commercial Metals Co.	131,666		4,002,646
Precision Castparts Corp.	11,000		499,510
Schnitzer Steel Industries, Inc. (Class “A” Stock)	10,451		632,286

			5,134,442

Oil & Gas — 5.6%
AGL Resources, Inc.	34,431		1,001,942
Evergreen Resources, Inc.*(a)	114,673		3,728,019
Frontier Oil Corp.	66,873		1,151,553
Murphy Oil Corp.(a)	6,700		437,577
Northwest Natural Gas Co.	86,243		2,651,972
Patina Oil & Gas Corp.	80,287		3,933,261
Piedmont Natural Gas Co., Inc.(a)	14,063		611,178
Range Resources Corp.	163,847		1,548,354
Sunoco, Inc.(a)	16,300		833,745
WGL Holdings, Inc.	40,406		1,122,883
Williams Companies, Inc.	117,400		1,152,868
XTO Energy, Inc.(a)	39,800		1,126,340

			19,299,692

Paper & Forest Products — 1.6%
Caraustar Industries, Inc.*	359,709		4,963,985
Plum Creek Timber Co., Inc.	13,118		399,443
Wausau-Mosinee Paper Corp.	21,864		295,601

			5,659,029

Pharmaceuticals — 1.9%
Covance, Inc.*(a)	94,621		2,535,842
Kos Pharmaceuticals, Inc.*(a)	37,996		1,635,348
MedImmune, Inc.*	12,900		327,660
Priority Healthcare Corp. (Class “B” Stock)*(a)	45,324		1,092,762
United Therapeutics Corp.*	40,280		924,426

			6,516,038

Printing & Publishing — 0.4%
Journal Register Co.*	69,223		1,432,916

Real Estate — 8.2%
Agree Realty Corp. [REIT]	20,146		569,729
Avalonbay Communities, Inc. [REIT]	12,920		617,576
Brandywine Realty Trust [REIT]	40,983		1,097,115
Capital Automotive [REIT]	26,634		852,288
Commercial Net Lease Realty, Inc. [REIT]	108,929		1,938,936
Correctional Properties Trust [REIT]	90,750		2,613,600
Entertainment Properties Trust [REIT]	51,681		1,793,848
Gables Residential Trust [REIT]	16,361		568,381
Healthcare Realty Trust, Inc. [REIT]	35,264		1,260,688

AST Goldman Sachs Small-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Highwoods Properties, Inc. [REIT]	11,600	$	294,640
iStar Financial, Inc. [REIT]	36,303		1,412,187
LaSalle Hotel Properties [REIT]	32,375		600,556
Lexington Corp. Properties Trust [REIT]	83,994		1,695,839
Liberty Property Trust [REIT]	12,582		489,440
MFA Mortgage Investments, Inc. [REIT]	86,789		846,193
Parkway Properties, Inc. [REIT]	52,320		2,176,512
Post Properties, Inc. [REIT]	22,719		634,314
Prentiss Properties Trust [REIT]	97,202		3,206,693
Public Storage, Inc. [REIT]	7,800		338,442
RAIT Investment Trust [REIT]	83,495		2,137,472
Summit Properties, Inc. [REIT]	123,480		2,965,989

			28,110,438

Restaurants — 1.0%
BUCA, Inc.*	175,769		1,196,988
California Pizza Kitchen, Inc.*	30,534		614,649
Total Entertainment Restaurant Corp.*	76,740		927,019
Yum! Brands, Inc.*	17,200		591,680

			3,330,336

Retail & Merchandising — 5.3%
Abercrombie & Fitch Co.*	8,400		207,564
AnnTaylor Stores Corp.*(a)	129,563		5,052,956
Brookstone, Inc.*	76,830		1,637,247
Charlotte Russe Holding, Inc.*	50,930		705,890
Federated Department Stores, Inc.(a)	21,520		1,014,238
Gymboree Corp.*	105,575		1,819,057
Limited Brands(a)	16,900		304,707
Linens ‘n Things, Inc.*	47,370		1,424,890
Michaels Stores, Inc.	11,000		486,200
Penney (J.C.) Co., Inc.	33,600		883,008
Ross Stores, Inc.	19,600		518,028
School Specialty, Inc.*	41,507		1,411,653
TJX Companies, Inc.(a)	29,800		657,090
Tuesday Morning Corp.*	32,342		978,346
Zale Corp.*	21,133		1,124,276

			18,225,150

Semiconductors — 0.6%
Actel Corp.*	9,486		228,613
Power Integrations, Inc.*(a)	41,897		1,401,874
Tessera Technologies, Inc.*	29,598		556,738

			2,187,225

Telecommunications — 1.5%
CenturyTel, Inc.(a)	17,000		554,540
Ditech Communications Corp.*	66,450		1,269,195
Tellabs, Inc.*	62,400		526,032
West Corp.*	126,083		2,928,908

			5,278,675


	Shares		Value

Transportation — 2.4%
Heartland Express, Inc.		47,769	$	1,155,532
Landstar System, Inc.*		79,356		3,018,702
OMI Corp.*		269,315		2,404,983
SCS Transportation, Inc.*		67,503		1,186,703
Yellow Roadway Corp.*		8,600		311,062

				8,076,982

Utilities — 4.0%
Atmos Energy Corp.		30,449		739,911
Avista Corp.		36,406		659,677
Central Vermont Public Service Corp.		11,932		280,402
CH Energy Group, Inc.		11,791		552,998
Cinergy Corp.(a)		7,100		275,551
El Paso Electric Co.*		148,267		1,979,363
Empire District Electric Co.		20,334		445,925
Energen Corp.		16,399		672,851
Energy East Corp.		59,495		1,332,688
Entergy Corp.		13,389		764,914
FirstEnergy Corp.		27,087		953,462
FPL Group, Inc.		5,467		357,651
MGE Energy, Inc.		1,213		38,222
PG&E Corp.*(a)		16,500		458,205
Pinnacle West Capital Corp.		9,400		376,188
PNM Resources, Inc.		60,879		1,710,700
PPL Corp.(a)		17,244		754,425
Puget Energy, Inc.		12,600		299,502
SCANA Corp.		7,800		267,150
South Jersey Industries, Inc.		16,460		666,630
Wisconsin Energy Corp.		9,300		311,085

				13,897,500

Total Long-Term Investments
(Cost $269,504,084)				337,579,079

	Par (000)
*SHORT-TERM INVESTMENTS — 13.2%*
Commercial Paper — 1.3%
Amsterdam Funding Corp.
1.10%, 01/05/04(b)	$	907		906,221
Cancara Asset Securitisation Ltd.
1.11%, 01/12/04(b)		738		737,521
General Electric Capital Corp.
1.11%, 02/05/04(b)		547		545,077
Lexington Parker Capital Co.
1.10%, 01/12/04(b)		475		473,631
Tannehill Capital Co.
1.10%, 01/08/04(b)		329		328,592
1.11%, 01/13/04(b)		379		378,487
Tulip Funding Corp.
1.10%, 01/21/04(b)		1,214		1,213,320

				4,582,849

AST Goldman Sachs Small-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value

Corporate Obligations — 5.4%
American Express Centurian
1.131%, 01/29/04 [FRN](b)(c)	$	1,128	$	1,128,181
Bear Stearns Co., Inc.
1.12%, 01/02/04 [FRN](b)(c)		841		840,910
1.12%, 01/02/04 [FRN](b)(c)		969		969,484
General Electric Capital Corp.
1.13%, 01/02/04 [FRN](b)(c)		311		311,305
Merrill Lynch & Co., Inc.
1.13%, 01/02/04 [FRN](b)(c)		1,435		1,434,560
1.13%, 01/02/04(b)		446		446,084
Morgan Stanley
1.03%, 01/02/04 [FRN](b)(c)		316		315,580
1.08%, 01/02/04 [FRN](b)(c)		3,772		3,771,891
Natexis Banques Populaires
1.035%, 01/02/04 [FRN](b)(c)		4,661		4,661,296
1.10%, 01/02/04 [FRN](b)(c)		3,585		3,584,083
Westdeutsche Landesbank
1.13%, 01/09/04 [FRN](b)(c)		933		932,458
1.111%, 01/29/04 [FRN](b)(c)		200		199,463

				18,595,295

	Shares
Non-Registered Investment Company — 5.6%
BlackRock Institutional Money Market Trust(b)(j)		18,980,640		18,980,640


	Par (000)		Value

Repurchase Agreement — 0.5%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $1,858,785 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $2,280,522, market value including accrued interest $1,914,477)(b)	$	1,859	$	1,858,682

Time Deposits — 0.4%
Chase Manhattan Bank
0.875%, 01/02/04(b)		1,108		1,108,426
UBS Bank
0.938%, 01/02/04(b)		384		383,843

				1,492,269

Total Short-Term Investments
(Cost $45,509,735)				45,509,735

Total Investments — 111.5%
(Cost $315,013,819; Note 5)				383,088,814
Liabilities in Excess of Other Assets — (11.5%)				(39,646,806	)

Net Assets — 100.0%			$	343,442,008

The following abbreviations are used in portfolio descriptions:

FRN	Floating Rate Note

REIT	Real Estate Investment Trust


symbol		description
*		Non-income producing security.

(a)		Portion of securities on loan with an aggregate market value of $43,590,588; cash collateral $45,509,735 was received with which the portfolio purchased securities.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

(j)		Security available to institutional investors only.

See Notes to Financial Statements.

AST Gabelli Small-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 90.4%*
*COMMON STOCK — 90.2%*
Advertising — 0.3%
Interep National Radio Sales, Inc.*	62,000	$	84,320
Penton Media, Inc.*	310,000		421,600
ValueVision Media, Inc.*	91,510		1,528,217

			2,034,137

Aerospace — 2.7%
Alliant Techsystems, Inc.*	54,360		3,139,834
Curtiss-Wright Corp. (Class “B” Stock)	100,000		4,490,000
Embraer Aircraft Corp. [ADR]	30,000		1,050,900
Fairchild Corp. (Class “A” Stock)*	510,100		2,570,904
Herley Industries, Inc.*	40,000		828,000
Sequa Corp. (Class “A” Stock)*	29,600		1,450,400
Sequa Corp. (Class “B” Stock)*	7,000		349,300
Titan Corp. (The)*	310,000		6,761,100

			20,640,438

Airlines — 0.2%
Midwest Express Holdings, Inc.*	310,000		1,305,100

Automobile Manufacturers — 0.8%
Monaco Coach Corp.*	83,000		1,975,400
Navistar International Corp.*(a)	80,000		3,831,200
Oshkosh Truck Corp.	600		30,618
Thor Industries, Inc.	4,000		224,880

			6,062,098

Automotive Parts — 2.5%
American Axle & Manufacturing Holdings, Inc.*(a)	32,390		1,309,204
BorgWarner, Inc.	32,000		2,722,240
Cooper Tire & Rubber Co.	60,000		1,282,800
Dana Corp.	207,500		3,807,625
Federal-Mogul Corp.*(a)	100,000		22,500
Midas, Inc.*	116,900		1,671,670
Myers Industries, Inc.	310,000		3,757,200
Raytech Corp.*	40,000		132,800
Standard Motor Products, Inc.	160,100		1,945,215
TBC Corp.*	109,720		2,831,873
Transpro, Inc.*	40,000		167,600

			19,650,727

Beverages — 1.0%
Boston Beer Co., Inc. (Class “A” Stock)*	78,000		1,414,920
Mondavi, (Robert) Corp. (Class “A” Stock)*	30,000		1,165,200
PepsiAmericas, Inc.	310,280		5,311,994

			7,892,114

Broadcasting — 7.4%
Beasley Broadcast Group, Inc.*	250,000		4,107,500
Crown Media Holdings, Inc.*	270,000		2,232,900
Fisher Communications, Inc.*	88,000		4,488,000


	Shares	Value

Granite Broadcasting Corp.*	300,000	$	495,000
Gray Television, Inc.	328,000		4,959,360
Gray Television, Inc. (Class “A” Stock)	5,000		75,850
Liberty Corp. (The)	35,000		1,581,650
Lin TV Corp. (Class “A” Stock)*	200,000		5,162,000
Media General, Inc. (Class “A” Stock)	144,000		9,374,399
Nexstar Broadcasting Group, Inc. (Class “A” Stock)*	1,000		13,710
Paxson Communications Corp.*	520,000		2,002,000
Saga Communications, Inc. (Class “A” Stock)*	100,000		1,853,000
Salem Communications Corp. (Class “A” Stock)*	80,000		2,169,600
SBS Broadcasting SA*	45,300		1,476,780
Scripps (E.W.) Co. (Class “A” Stock)	47,000		4,424,580
Sinclair Broadcast Group, Inc.*	440,000		6,564,800
Spanish Broadcasting Systems, Inc. (Class “A” Stock)*	40,000		420,000
UnitedGlobalCom, Inc. (Class “A” Stock)*(a)	270,000		2,289,600
Young Broadcasting, Inc. (Class “A” Stock)*	223,000		4,468,920

			58,159,649

Building Materials — 2.7%
Apogee Enterprises, Inc.	203,290		2,307,342
Florida Rock Industries, Inc.	4,000		219,400
Gibraltar Steel Corp.	95,000		2,389,250
Hughes Supply, Inc.	1,000		49,620
Modine Manufacturing Co.	237,000		6,394,260
Skyline Corp.	63,000		2,196,810
Texas Industries, Inc.	66,860		2,473,820
Thomas Industries, Inc.	145,000		5,025,700
Walter Industries, Inc.	10,000		133,500

			21,189,702

Business Services — 0.9%
Acxiom Corp.*	57,770		1,072,789
BearingPoint, Inc.*	40,000		403,600
Edgewater Technology, Inc.*	420,000		2,041,200
GP Strategies Corp.*	50,000		400,000
Insurance Auto Auctions, Inc.*	141,540		1,847,097
Kroll, Inc.*	11,000		286,000
New England Business Service, Inc.	19,000		560,500
StarTek, Inc.	16,000		652,640
UniFirst Corp.	2,000		47,420

			7,311,246

Cable Television — 1.3%
Cablevision Systems New York Group (Class “A” Stock)*	390,000		9,122,100
Rogers Communications, Inc. (Class “B” Stock)	50,000		825,000

			9,947,100

AST Gabelli Small-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Chemicals — 4.5%
Airgas, Inc.	2,000	$	42,960
Albemarle Corp.	110,000		3,296,700
Arch Chemicals, Inc.	140,000		3,592,400
Cytec Industries, Inc.*	49,945		1,917,389
Ethyl Corp.*	40,000		874,800
Ferro Corp.	200,000		5,441,999
Fuller (H.B.) Co.	41,600		1,237,184
Great Lakes Chemical Corp.(a)	145,000		3,942,550
Hercules, Inc.*	440,000		5,368,000
MacDermid, Inc.	68,000		2,328,320
Omnova Solutions, Inc.*	180,000		864,000
Penford Corp.	31,150		427,690
Schulman (A.), Inc.	52,000		1,108,640
Sensient Technologies Corp.(a)	180,000		3,558,600
TETRA Technologies, Inc.*	50,000		1,212,000

			35,213,232

Clothing & Apparel — 0.4%
Hartmarx Corp.*	375,000		1,563,750
Unifi, Inc.*	15,000		96,750
Wolverine World Wide, Inc.	65,000		1,324,700

			2,985,200

Computer Services & Software — 0.8%
Agilysys, Inc.	30,000		334,500
Analysts International Corp.*	12,000		40,440
Baldwin Technology Co., Inc. (Class “A” Stock)*	170,900		393,070
Intergraph Corp.*	94,313		2,255,966
Keane, Inc.*(a)	15,000		219,600
PLATO Learning, Inc.*	82,430		869,637
Progress Software Corp.*	20,000		409,200
SPSS, Inc.*	25,000		447,000
Tyler Technologies, Inc.*	85,000		818,550
Xanser Corp.*	200,000		474,000

			6,261,963

Conglomerates — 0.7%
Brink’s Co. (The)	115,470		2,610,777
Cendant Corp.*(a)	50,000		1,113,500
Griffon Corp.*	55,130		1,116,934
Park Ohio Holdings Corp.*	80,000		592,000

			5,433,211

Construction — 0.3%
Fleetwood Enterprises, Inc.*(a)	185,000		1,898,100
Insituform Technologies, Inc. (Class “A” Stock)*	29,000		478,500
KB Home	1,000		72,520

			2,449,120

Consumer Products & Services — 5.4%
Aaron Rents, Inc. (Class “A” Stock)	76,500		1,414,485
Aaron Rents, Inc. (Class “B” Stock)	165,000		3,321,450
Alberto-Culver Co. (Class “B” Stock)	35,890		2,263,941


	Shares	Value

ANC Rental Corp.*(a)	20,000	$	2
Aviall, Inc.*	160,000		2,481,600
Bowlin Travel Centers, Inc.*	8,500		17,000
Church and Dwight Co., Inc.	82,420		3,263,832
CNS, Inc.	105,600		1,446,720
Concorde Career Colleges, Inc.*	50,360		1,257,489
Culp, Inc.*	35,000		381,500
Dial Corp. (The)	50,000		1,423,500
Dollar Thrifty Automotive Group, Inc.*	26,690		692,339
Eagle Supply Group, Inc.*	60,000		157,200
Elizabeth Arden, Inc.*	45,000		896,400
Energizer Holdings, Inc.*	65,000		2,441,400
Fedders Corp.	360,000		2,592,000
Fortune Brands, Inc.	2,000		142,980
GC Companies, Inc.*	103,000		36,050
Jarden Corp.*	36,825		1,006,796
National Presto Industries, Inc.	25,200		910,980
Oil-Dri Corp. of America	113,700		1,808,967
Revlon, Inc. (Class “A” Stock)*(a)	13,401		30,018
Rollins, Inc.	280,000		6,314,000
Roto-Rooter Inc.	120,000		5,532,000
Scotts Co. (The) (Class “A” Stock)*(a)	5,000		295,800
WD-40 Co.	22,000		777,920
Weider Nutrition International, Inc.*	242,100		1,077,345

			41,983,714

Containers & Packaging — 1.0%
Crown Holdings, Inc.*	90,000		815,400
Greif, Inc. (Class “A” Stock)	100,000		3,551,000
Greif, Inc. (Class “B” Stock)	5,200		185,900
Packaging Dynamics Corp.	100,000		1,028,000
Pactiv Corp.*	80,000		1,912,000

			7,492,300

Electronic Components & Equipment — 5.5%
Agere Systems, Inc. (Class “A” Stock)*	200,000		610,000
Agere Systems, Inc. (Class “B” Stock)*	100,000		290,000
AMETEK, Inc.	33,000		1,592,580
Baldor Electric Co.	159,000		3,633,150
C & D Technologies, Inc.	15,000		287,550
Capstone Turbine Corp.*	60,000		111,600
CTS Corp.	330,000		3,795,000
Electro Rental Corp.	180,000		2,401,200
ESCO Technologies, Inc.*	1,500		65,475
Fargo Electronics, Inc.*	22,000		279,840
FLIR Systems, Inc.*(a)	4,000		146,000
Franklin Electric Co., Inc.	27,000		1,633,230
GrafTech International Ltd.*	41,800		564,300
Katy Industries, Inc.*	132,100		754,291
Lamson & Sessions Co.*	220,500		1,272,285
Landauer, Inc.	48,000		1,957,440
Lecroy Corp.*	11,000		198,110
Littelfuse, Inc.*	145,000		4,178,900
Magnetek, Inc.*	165,000		1,087,350

AST Gabelli Small-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Methode Electronics, Inc. (Class “A” Stock)	83,000	$	1,015,090
Park Electrochemical Corp.	25,000		662,250
Parker-Hannifin Corp.	7,000		416,500
Pentair, Inc.	73,920		3,378,144
SL Industries, Inc.*	9,000		72,180
Thomas & Betts Corp.(a)	500,000		11,444,999
Woodward Governor Co.	30,000		1,704,900

			43,552,364

Entertainment & Leisure — 3.4%
Brunswick Corp.(a)	89,130		2,837,008
Canterbury Park Holding Corp.	16,000		270,400
Churchill Downs, Inc.	25,000		905,025
Dover Downs Gaming & Entertainment, Inc.	130,000		1,229,800
Dover Motorsports, Inc.	200,000		700,000
Gaylord Entertainment Co. (Class “A” Stock)*	261,347		7,801,208
Gemstar-TV Guide International, Inc.*	345,000		1,742,250
Magna Entertainment Corp.*(a)	275,000		1,394,250
Park Place Entertainment Corp.*	20,000		216,600
Pinnacle Entertainment, Inc.*	108,400		1,010,288
Six Flags, Inc.*	370,000		2,782,400
Topps Co., Inc. (The)	293,120		3,007,411
Vail Resorts, Inc.*	48,530		825,010
World Wrestling Entertainment, Inc.	130,000		1,703,000

			26,424,650

Environmental Services — 1.2%
Allied Waste Industries, Inc.*(a)	230,000		3,192,400
Catalytica Energy Systems, Inc.*	35,000		122,465
CUNO, Inc.*	5,000		225,150
Met-Pro Corp.	5,333		86,128
Newpark Resources, Inc.*	180,000		862,200
Republic Services, Inc.	100,000		2,563,000
Waste Connections, Inc.*	40,000		1,510,800
Waste Management, Inc.	20,000		592,000

			9,154,143

Equipment Services — 0.3%
Gerber Scientific, Inc.*	175,000		1,393,000
Industrial Distribution Group, Inc.*	175,000		973,000
Strattec Security Corp.*	2,000		121,820

			2,487,820

Farming & Agriculture — 0.1%
Delta & Pine Land Co.	25,210		640,334

Financial - Bank & Trust — 1.7%
Community First Bankshares, Inc.	90,000		2,604,600
Crazy Woman Creek Bancorp, Inc.	9,500		192,375
First Republic Bank	60,000		2,148,000
Hibernia Corp. (Class “A” Stock)	50,000		1,175,500
Silicon Valley Bancshares*	83,000		2,993,810


	Shares	Value

Southwest Bancorporation of Texas, Inc.	30,000	$	1,165,500
TCF Financial Corp.	56,950		2,924,383

			13,204,168

Financial Services — 0.7%
BKF Capital Group, Inc.*	100,000		2,468,000
CIT Group, Inc.	56,000		2,013,200
Countrywide Financial Corp.(a)	8,000		606,800
Interactive Data Corp.*	12,000		198,720
Waddell & Reed Financial, Inc. (Class “A” Stock)	10,000		234,600

			5,521,320

Food — 4.6%
Corn Products International, Inc.	166,000		5,718,700
Del Monte Foods Co.*	629,603		6,547,871
Flowers Foods, Inc.	331,400		8,550,120
Hain Celestial Group, Inc.*	60,000		1,392,600
Ingles Markets, Inc. (Class “A” Stock)	111,000		1,139,970
International Multifoods Corp.*	300,000		5,400,000
Interstate Bakeries Corp.	40,000		569,200
John B. Sanfillippo & Sons, Inc.*	3,000		153,120
Performance Food Group Co.*(a)	20,000		723,400
Ralcorp Holdings, Inc.*	40,000		1,254,400
Smucker (J.M.) Co. (The)(a)	35,000		1,585,150
Suprema Specialties, Inc.* (cost $12,750; purchased 11/18/01)(g)	1,000		0
Twinlab Corp.*	310,000		6,975
Weis Markets, Inc.	72,500		2,631,750

			35,673,256

Furniture — 0.2%
La-Z-Boy, Inc.	32,700		686,046
Stanley Furniture Co., Inc.	25,000		787,500

			1,473,546

Healthcare Services — 0.4%
Laboratory Corp. of America Holdings*(a)	52,720		1,948,004
Odyssey Healthcare, Inc.*	4,500		131,670
Orthodontic Centers of America, Inc.*(a)	79,800		642,390
VitalWorks Inc.*	64,000		282,880

			3,004,944

Hotels & Motels — 1.1%
Aztar Corp.*	120,000		2,700,000
Boca Resorts, Inc. (Class “A” Stock)*	140,000		2,094,400
Kerzner International Ltd.*	25,000		974,000
La Quinta Corp.*	350,000		2,243,500
Trump Hotels & Casino Resorts, Inc.*	25,000		54,000
Wyndham International, Inc. (Class “A” Stock)*	220,000		147,400

			8,213,300

AST Gabelli Small-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Industrial Products — 3.3%
Acuity Brands, Inc.	50,000	$	1,290,000
Carlisle Companies, Inc.	30,190		1,837,363
Core Molding Technologies, Inc.*	200,200		584,584
Crane Co.(a)	160,000		4,918,400
Donaldson Co., Inc.	45,000		2,662,200
Eastern Co. (The)	30,000		469,200
Kaman Corp. (Class “A” Stock)	291,000		3,704,430
Roper Industries, Inc.	45,000		2,216,700
Standex International Corp.	20,000		560,000
TransTechnology Corp.*	40,000		266,000
Tredegar Corp.	57,000		885,210
Watts Water Technologies, Inc. (Class “A” Stock)	270,000		5,994,000

			25,388,087

Insurance — 1.6%
Alleghany Corp.*	8,000		1,780,000
Argonaut Group, Inc.*	58,000		901,320
CNA Financial Corp.*	290,000		2,757,900
Everest Reinsurance Group Ltd.	15,000		1,269,000
MONY Group, Inc. (The)*(a)	60,000		1,877,400
Phoenix Companies, Inc. (The)	3,500		42,140
PMI Group, Inc. (The)(a)	15,000		558,450
Presidential Life Corp.	29,000		381,640
ProAssurance Corp.*(a)	46,000		1,478,900
Triad Guaranty, Inc.*	1,000		50,350
UnumProvident Corp.(a)	60,000		946,200

			12,043,300

Internet Services — 0.2%
J Net Enterprises, Inc.*	185,000		259,000
Stellent, Inc.*	129,900		1,278,216

			1,537,216

Machinery & Equipment — 4.5%
AGCO Corp.*	110,000		2,215,400
Alamo Group, Inc.	12,000		183,120
Albany International Corp. (Class “A” Stock)	60,150		2,039,085
Carbo Ceramics, Inc.	39,000		1,998,750
CLARCOR, Inc.	140,000		6,174,000
Flowserve Corp.*	137,000		2,860,560
Gardner Denver, Inc.*	4,000		95,480
Gencorp, Inc.	490,000		5,277,300
Graco, Inc.	42,000		1,684,200
IDEX Corp.	70,000		2,911,300
Lone Star Technologies, Inc.*	35,000		559,300
Smith (A.O.) Corp.	40,000		1,402,000
Tennant Co.	107,800		4,667,740
Thermo Electron Corp.*	100,000		2,520,000

			34,588,235


	Shares	Value

Medical Supplies & Equipment — 3.8%
Apogent Technologies, Inc.*	177,350	$	4,086,144
Cytyc Corp.*	114,410		1,574,282
DENTSPLY International, Inc.	9,000		406,530
Exactech, Inc.*	54,100		797,975
Henry Schein, Inc.*	12,000		810,960
ICU Medical, Inc.*	2,000		68,560
Inamed Corp.*	55,000		2,643,300
Interpore International, Inc.*	25,000		325,000
Inverness Medical Innovations, Inc.*	30,000		653,400
Invitrogen Corp.*(a)	35,000		2,450,000
NWH, Inc.	10,300		211,356
Ocular Sciences, Inc.*	18,000		516,780
Orthofix International NV*	4,000		195,920
Owens & Minor, Inc.	167,500		3,669,925
Patterson Dental Co.*	6,000		384,960
Schick Technologies, Inc.*	50,000		370,000
Sola International, Inc.*	67,500		1,269,000
SurModics, Inc.*	27,940		667,766
Sybron Dental Specialties, Inc.*	245,000		6,884,500
Techne Corp.*	23,630		892,741
Young Innovations, Inc.	5,000		180,000

			29,059,099

Metals & Mining — 2.3%
Ampco-Pittsburgh Corp.	17,000		232,390
Barrick Gold Corp.	190,000		4,314,900
Circor International, Inc.	25,000		602,500
Kinross Gold Corp.*	19,500		155,805
Layne Christensen Co.*	50,000		587,500
Material Sciences Corp.	376,750		3,808,943
Newmont Mining Corp.	48,000		2,333,280
Precision Castparts Corp.(a)	100,093		4,545,223
WHX Corp.*(a)	30,000		80,100
Worthington Industries, Inc.	55,000		991,650

			17,652,291

Office Equipment — 0.7%
Danka Business Systems PLC [ADR]*(a)	131,920		580,448
Hon Industries, Inc.	47,730		2,067,664
Imagistics International, Inc.*	10,000		375,000
McGrath Rentcorp	45,000		1,226,250
Nashua Corp.*	113,600		965,600

			5,214,962

Oil & Gas — 3.0%
Callon Petroleum Co.*	59,000		611,830
Devon Energy Corp.(a)	30,000		1,717,800
EOG Resources, Inc.	46,500		2,146,905
Equitable Resources, Inc.	55,000		2,360,600
Forest Oil Corp.*(a)	110,000		3,142,700
Key Energy Services, Inc.*	121,210		1,249,675
Kinder Morgan, Inc.	42,000		2,482,200
Nicor, Inc.	4,000		136,160

AST Gabelli Small-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Northwest Natural Gas Co.	14,600	$	448,950
Penn Virginia Corp.	12,000		667,800
Rowan Companies, Inc.*(a)	83,000		1,923,110
Semco Energy, Inc.	150,000		735,000
Southwestern Energy Co.*	26,000		621,400
W-H Energy Services, Inc.*	15,000		243,000
XTO Energy, Inc.(a)	160,000		4,528,000

			23,015,130

Paper & Forest Products — 0.3%
Boise Cascade Corp.	34,300		1,127,098
CSS Industries, Inc.	13,000		403,130
Wausau-Mosinee Paper Corp.	80,000		1,081,600

			2,611,828

Personal Services — 0.6%
Matthews International Corp. (Class “A” Stock)	160,000		4,734,400

Pharmaceuticals — 0.1%
Bone Care International, Inc.*	45,000		573,300
Corixa Corp.*	38,000		229,520
Priority Healthcare Corp. (Class “B” Stock)*(a)	10,000		241,100

			1,043,920

Printing & Publishing — 3.2%
Bowne & Co., Inc.	121,270		1,644,421
Hollinger International, Inc.(a)	254,050		3,968,261
Journal Communications, Inc. (Class “A” Stock)	3,140		58,184
Journal Register Co.*	200,000		4,140,000
Lee Enterprises, Inc.	63,000		2,749,950
Martha Stewart Living Omnimedia, Inc.*	15,000		147,750
McClatchy Co.	12,000		825,600
Nelson (Thomas), Inc.	72,000		1,391,760
PRIMEDIA, Inc.*	750,000		2,122,500
Pulitzer, Inc.	120,000		6,480,000
Scholastic Corp.*	35,270		1,200,591

			24,729,017

Real Estate — 0.5%
Glenborough Realty Trust, Inc. [REIT]	40,000		798,000
Griffin Land & Nurseries, Inc.*	46,000		653,706
Innkeepers USA Trust [REIT]	100,000		837,000
Sun Communities, Inc. [REIT]	32,000		1,238,400

			3,527,106

Registered Investment Company — 0.1%
First Financial Fund, Inc.**	26,000		459,680

Restaurants — 1.5%
Darden Restaurants, Inc.(a)	67,460		1,419,358
RARE Hospitality International, Inc.*	12,000		293,280
Ruby Tuesday, Inc.	10,000		284,900
Steak ‘n Shake Co. (The)*	240,000		4,284,000


	Shares	Value

Triarc Companies, Inc. (Class “A” Stock)	129,310	$	1,528,444
Triarc Companies, Inc. (Class “B” Stock)	281,320		3,032,630
Wendy’s International, Inc.	16,000		627,840

			11,470,452

Retail & Merchandising — 1.7%
Big 5 Sporting Goods Corp.*	9,000		188,550
Bon-Ton Stores, Inc.	45,000		499,500
Coldwater Creek, Inc.*	1,500		16,500
Cole National Corp.*	95,192		1,903,840
Fred’s, Inc.	30,000		929,400
Hancock Fabrics, Inc.	5,000		72,400
Neiman Marcus Group, Inc. (Class “A” Stock)*	60,000		3,220,199
Office Depot, Inc.*(a)	109,950		1,837,265
Payless ShoeSource, Inc.*	31,690		424,646
School Specialty, Inc.*	3,000		102,030
Sports Authority, Inc. (The)*	51,254		1,968,154
United Auto Group, Inc.	52,000		1,627,600

			12,790,084

Semiconductors — 0.6%
Axcelis Technologies, Inc.*	296,000		3,025,120
MKS Instruments, Inc.*	20,000		580,000
Mykrolis Corp.*	61,500		988,920

			4,594,040

Telecommunications — 3.6%
Acme Communications, Inc.*	200,000		1,758,000
Andrew Corp.*	40,000		460,400
AO VimpelCom [ADR]*	44,000		3,234,000
Centennial Communications, Inc.*	70,000		368,200
Cincinnati Bell, Inc.*(a)	600,000		3,030,000
Citizens Communications Co.*	270,000		3,353,400
Commonwealth Telephone Enterprises, Inc.*	155,000		5,851,250
D & E Communications, Inc.	100,000		1,451,000
General Communication, Inc.*	90,000		783,000
Leap Wireless International, Inc.*(a)	50,000		1,650
Nextel Communications, Inc. (Class “A” Stock)*	25,000		701,500
Nextel Partners, Inc. (Class “A” Stock)*(a)	30,000		403,500
Pegasus Communications Corp.*(a)	30,000		842,400
Plantronics, Inc.*	5,000		163,250
Rogers Wireless Communications, Inc. (Class “B” Stock)*	67,500		1,444,500
Rural Cellular Corp.*	104,000		826,800
Sycamore Networks, Inc.*	352,000		1,844,480
Triton PCS Holdings, Inc.*	18,000		100,440
Western Wireless Corp. (Class “A” Stock)*	70,000		1,285,200

			27,902,970

AST Gabelli Small-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Transportation — 0.6%
GATX Corp.	95,000	$	2,658,100
Hub Group, Inc. (Class “A” Stock)*	30,000		646,200
Landstar System, Inc.*	2,000		76,080
Ryder System, Inc.	30,000		1,024,500

			4,404,880

Utilities — 5.9%
AES Corp.*	113,500		1,071,440
Allegheny Energy, Inc.*(a)	200,000		2,552,000
Allete, Inc.	106,360		3,254,616
Alliant Energy Corp.(a)	45,000		1,120,500
American States Water Co.	5,000		125,000
Aquila, Inc.*	630,000		2,135,700
Artesian Resources Corp. (Class “A” Stock)	450		12,537
Atmos Energy Corp.	31,000		753,300
Avista Corp.	40,000		724,800
Baycorp Holdings Ltd.*	1,000		13,060
BIW Ltd.	1,000		19,100
California Water Service Group	5,000		137,000
Cascade Natural Gas Corp.	15,000		316,350
Central Vermont Public Service Corp.	58,000		1,363,000
CH Energy Group, Inc.	50,100		2,349,690
Chesapeake Utilities Corp.	6,000		156,300
Cleco Corp.(a)	76,000		1,366,480
CMS Energy Corp.*(a)	100,000		852,000
Connecticut Water Service, Inc.	5,650		156,223
Consolidated Water Co. Ltd.	2,500		50,125
Delta Natural Gas Co., Inc.	5,000		119,300
Duquesne Light Holdings, Inc.(a)	200,000		3,668,000
El Paso Electric Co.*	280,000		3,737,999
Empire District Electric Co.	20,000		438,600
Energy West, Inc.*	11,480		68,306
EnergySouth, Inc.	1,200		42,000
Green Mountain Power Corp.	1,000		23,600
Ionics, Inc.*	50,150		1,597,278
Laclede Group, Inc. (The)	10,000		285,500
Maine & Maritimes Corp.	15,000		525,150
MGE Energy, Inc.	8,000		252,080
Middlesex Water Co.	7,866		159,680
New Jersey Resources Corp.	5,000		192,550
NUI Corp.	35,000		564,200
Otter Tail Power Co.	15,000		400,950
Pennichuck Corp.	1,001		28,292
RGC Resources, Inc.	2,000		45,700
SJW Corp.	26,000		2,320,500
South Jersey Industries, Inc.	8,500		344,250
Southern Union Co.*	68,000		1,251,200
Southwest Gas Corp.	70,000		1,571,500
Southwest Water Co.	10,185		163,469
TXU Corp.(a)	30,000		711,600
UIL Holdings Corp.	17,000		766,700
Unisource Energy Corp.	40,000		986,400


	Shares		Value

Unitil Corp.		10,000	$	258,000
Westar Energy, Inc.		345,000		6,986,249
York Water Co.		2,904		52,795

				46,091,069

Total Common Stock
(Cost $562,768,292)				698,218,662

*PREFERRED STOCK — 0.2%*
Aerospace — 0.1%
Sequa Corp., $5 [CVT]*		9,000		800,775

Broadcasting — 0.1%
News Corp. Ltd. [ADR], 6.25%		35,000		1,058,750

Total Preferred Stock
(Cost $1,798,733)				1,859,525

RIGHTS*
Consumer Products & Services
Fedders Corp.
(Cost $0)		360,000		21,600

	Units
WARRANTS*
Aerospace
Orbital Science Corp., expiring 08/31/04
(Cost $0)		482		3,596

Total Long-Term Investments
(Cost $564,567,025)				700,103,383

	Par (000)
*SHORT-TERM INVESTMENTS — 12.0%*
Certificate of Deposit — 0.1%
Svenska Handelsbank, Inc.
1.39%, 10/27/04(b)	$	1,016		1,015,614

Commercial Paper — 1.2%
Cancara Asset Securitisation Ltd.
1.11%, 01/12/04(b)		730		729,071
Concord Minutemen Capital Co.
1.11%, 01/09/04(b)		957		954,977
1.13%, 02/12/04(b)		231		229,936
Fairway Finance Corp.
1.10%, 01/12/04(b)		927		924,442
General Electric Capital Corp.
1.11%, 02/05/04(b)		104		104,084
Lexington Parker Capital Co.
1.10%, 01/12/04(b)		1,777		1,773,220
Monumental Global Funding
1.141%, 01/29/04 [FRN](b)(c)		1,358		1,361,165
Tulip Funding Corp.
1.10%, 01/21/04(b)		3,330		3,326,542

				9,403,437

AST Gabelli Small-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value
Corporate Obligations — 3.8%
Bear Stearns Co., Inc.
1.12%, 01/02/04 [FRN](b)(c)	$	6,047	$	6,047,224
Canadian Imperial Bank of Commerce
1.111%, 01/29/04 [FRN](b)(c)		906		906,354

Goldman Sachs Group, Inc.
1.14%, 01/06/04 [FRN](b)(c)		5,444		5,444,059
Merrill Lynch & Co., Inc.
1.13%, 01/02/04(b)		1,132		1,131,825
1.13%, 01/02/04 [FRN](b)(c)		1,490		1,489,960
Morgan Stanley
1.08%, 01/02/04 [FRN](b)(c)		4,791		4,791,273
Natexis Banques Populaires
1.10%, 01/02/04 [FRN](b)(c)		2,057		2,056,499
Societe Generale
1.08%, 01/02/04 [FRN](b)(c)		1,168		1,168,194
Westdeutsche Landesbank
1.13%, 01/09/04 [FRN](b)(c)		6,479		6,478,206
1.111%, 01/23/04 [FRN](b)(c)		176		176,423

				29,690,017

	Shares
Non-Registered Investment Company — 4.8%
BlackRock Institutional Money Market Trust(b)(j)		36,755,219		36,755,219


	Par (000)		Value
Repurchase Agreement — 0.6%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $4,716,201 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $5,786,254, market value including accrued interest $4,857,505)(b)	$	4,716	$	4,715,939

Time Deposits — 0.2%
Chase Manhattan Bank
0.875%, 01/02/04(b)		1,220		1,219,745
UBS Bank
0.938%, 01/02/04(b)		433		433,412

				1,653,157

U.S. Treasury Obligation — 1.3%
U.S. Treasury Bills
0.86%, 01/15/04(a)(n)
(Cost $9,996,656)		10,000		9,996,656

Total Short-Term Investments
(Cost $93,230,039)				93,230,039

Total Investments — 102.4%
(Cost $657,797,064; Note 5)				793,333,422
Liabilities in Excess of Other Assets — (2.4%)				(18,917,397	)

Net Assets — 100.0%			$	774,416,025

AST Gabelli Small-Cap Value Portfolio

Schedule of Investments

December 31, 2003

The following abbreviations are used in portfolio descriptions:

ADR	American Depositary Receipt

CVT	Convertible Security

FRN	Floating Rate Note

REIT	Real Estate Investment Trust


symbol		description
*		Non-income producing security.

**		Closed-end Fund

(a)		Portion of securities on loan with an aggregate market value of $78,987,815; cash collateral $83,233,383 was received with which the portfolio purchased securities.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

(g)		Indicates a security that has been deemed illiquid. The aggregate cost of the illiquid security is $12,750. The aggregate value, $0 represents 0.00% of net assets.

(j)		Security available to institutional investors only.

(n)		Rates shown are the effective yields at purchase date.

See Notes to Financial Statements.

AST DeAM Small-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 80.6%*
*COMMON STOCK*
Advertising — 0.9%
ADVO, Inc.	14,350	$	455,756

Airlines — 2.3%
Alaska Air Group, Inc.*	16,300		444,827
Atlantic Coast Airlines Holdings, Inc.*	30,800		304,920
SkyWest, Inc.	25,400		460,248

			1,209,995

Automotive Parts — 1.6%
Pep Boys - Manny, Moe & Jack, Inc.	20,200		461,974
Superior Industries International, Inc.	2,600		113,152
Tenneco Automotive, Inc.*	34,700		232,143

			807,269

Building Materials — 0.8%
Centex Construction Products, Inc.	6,800		409,836

Business Services — 3.7%
American Management Systems, Inc.*	18,500		278,795
Cornell Companies, Inc.*	31,200		425,880
MPS Group, Inc.*	41,700		389,895
Quanta Services, Inc.*	33,400		243,820
Safeguard Scientifics, Inc.*	19,100		77,164
SOURCECORP, Inc.*	19,500		499,785

			1,915,339

Chemicals — 2.9%
FMC Corp.*	14,300		488,059
Georgia Gulf Corp.	16,800		485,184
Hercules, Inc.*	42,700		520,940

			1,494,183

Clothing & Apparel — 0.8%
Phillips-Van Heusen Corp.	8,200		145,468
Stride Rite Corp.	25,700		292,466

			437,934

Computer Hardware — 0.4%
SBS Technologies, Inc.*	14,600		214,766

Computer Services & Software — 2.4%
E.piphany, Inc.*	15,200		109,592
JDA Software Group, Inc.*	17,500		288,925
MTS Systems Corp.	17,600		338,448
Sybase, Inc.*	14,900		306,642
Sykes Enterprises, Inc.*	25,200		215,712

			1,259,319

Construction — 0.6%
Granite Construction, Inc.	13,100		307,719
WCI Communities, Inc.*	1,400		28,854

			336,573

Consumer Products & Services — 2.7%
Dollar Thrifty Automotive Group, Inc.*	20,200		523,988


	Shares	Value

Jacuzzi Brands, Inc.*	24,000	$	170,160
K2, Inc.*	28,800		438,048
Steven Madden, Ltd.*	14,000		285,600

			1,417,796

Electronic Components & Equipment — 2.8%
Benchmark Electronics, Inc.*	11,650		405,537
KEMET Corp.*	35,900		491,471
Park Electrochemical Corp.	10,400		275,496
Zygo Corp.*	15,800		260,542

			1,433,046

Entertainment & Leisure — 3.3%
AMC Entertainment, Inc.*	22,900		348,309
Bally Total Fitness Holding Corp.*	53,600		375,200
Callaway Golf Co.	21,800		367,330
Handleman Co.	15,600		320,268
Vail Resorts, Inc.*	19,300		328,100

			1,739,207

Equipment Services — 0.6%
United Rentals, Inc.*	16,000		308,160

Farming & Agriculture — 0.9%
Delta & Pine Land Co.	17,900		454,660

Financial - Bank & Trust — 9.0%
BankUnited Financial Corp.*	3,600		92,844
Capital City Bank Group, Inc.	1,900		87,381
Community Bank Systems, Inc.	4,200		205,800
Community Trust Bancorp, Inc.	1,760		53,152
Corus Bankshares, Inc.	8,000		252,480
First Charter Corp.	14,200		277,610
First Federal Capital Corp.	1,500		33,780
First Indiana Corp.	3,600		67,500
Hudson River Bancorp, Inc.	4,400		171,732
IBERIABANK Corp.	2,200		129,800
Irwin Financial Corp.	2,700		84,780
MB Financial, Inc.	6,300		229,320
Mid-State Bancshares	5,200		132,288
NBT Bancorp, Inc.	6,300		135,072
Pacific Capital Bancorp	7,900		290,878
Provident Bancshares Corp.	19,900		585,856
Provident Financial Services, Inc.	3,000		56,700
R&G Financial Corp. (Class “B” Stock)	6,100		242,780
Simmons First National Corp. (Class “A” Stock)	3,200		89,280
South Financial Group, Inc.	11,700		325,962
Sterling Financial Corp.*	8,340		285,478
Susquehanna Bancshares, Inc.	8,600		215,086
UMB Financial Corp.	7,100		337,534
Umpqua Holdings Corp.	3,700		76,923
Washington Trust Bancorp, Inc.	2,100		55,020
Waypoint Financial Corp.	5,565		120,705
Wesbanco, Inc.	1,400		38,766

			4,674,507

AST DeAM Small-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Financial Services — 3.4%
Capstead Mortgage Corp.(a)	3,800	$	63,764
FirstFed America Bancorp, Inc.	19,000		494,570
Firstfed Financial Corp.*	6,500		282,750
ITLA Capital Corp.*	4,300		215,430
National Health Investors, Inc.	1,300		32,344
Saxon Capital, Inc.*	9,800		205,310
Westcorp, Inc.	12,500		456,875

			1,751,043

Food — 1.5%
Flowers Foods, Inc.	20,800		536,640
Ralcorp Holdings, Inc.*	8,200		257,152

			793,792

Furniture — 0.8%
Haverty Furniture Co., Inc.	20,700		411,102

Healthcare Services — 2.0%
deCODE Genetics, Inc.*	18,500		151,515
Kindred Healthcare, Inc.*	9,400		488,612
US Oncology, Inc.*	38,700		416,412

			1,056,539

Hotels & Motels — 0.9%
Choice Hotels International, Inc.	12,600		444,150

Industrial Products — 1.8%
AMCOL International Corp.	26,900		546,070
Standex International Corp.	3,600		100,800
Tredegar Corp.	17,800		276,434

			923,304

Insurance — 3.1%
LandAmerica Financial Group, Inc.	12,100		632,346
Philadelphia Consolidated Holdings Corp.*	9,200		449,236
Stewart Information Services Corp.	12,000		486,600
United Fire & Casualty Co.	1,600		64,576

			1,632,758

Internet Services — 0.4%
EarthLink, Inc.*	5,500		55,000
Infospace, Inc.*	1,500		34,575
NetBank, Inc.	4,300		57,405
Stellent, Inc.*	3,900		38,376

			185,356

Machinery & Equipment — 4.2%
Briggs & Stratton Corp.	10,100		680,740
Flowserve Corp.*	20,800		434,304
Stewart & Stevenson Services, Inc.	7,600		106,780
Terex Corp.*(a)	20,900		595,232
Toro Co.	8,300		385,120

			2,202,176


	Shares	Value

Medical Supplies & Equipment — 1.5%
Cambrex Corp.	13,800	$	348,588
Sybron Dental Specialties, Inc.*	15,600		438,360

			786,948

Metals & Mining — 1.3%
Century Aluminum Co.*	18,100		344,081
Hecla Mining Co.*	37,500		310,875

			654,956

Office Equipment — 0.8%
United Stationers, Inc.*(a)	9,700		396,924

Oil & Gas — 4.2%
Denbury Resources, Inc.*	12,600		175,266
Houston Exploration Co.*	14,900		544,148
Nuevo Energy Co.*	21,200		512,404
Patina Oil & Gas Corp.	8,700		426,213
Spinnaker Exploration Co.*	4,200		135,534
Tesoro Petroleum Corp.*	27,400		399,218

			2,192,783

Paper & Forest Products — 1.1%
Louisiana-Pacific Corp.*(a)	26,700		477,396
Rock-Tenn Co. (Class “A” Stock)	5,900		101,834

			579,230

Pharmaceuticals — 1.0%
Alpharma, Inc. (Class “A” Stock)	14,000		281,400
Perrigo Co.	16,100		253,092

			534,492

Printing & Publishing — 0.6%
Consolidated Graphics, Inc.*	9,800		309,484

Real Estate — 7.8%
Alexandria Real Estate Equities, Inc. [REIT]	2,600		150,540
Anthracite Capital, Inc. [REIT]	3,400		37,638
Anworth Mortgage Asset Corp. [REIT]	2,600		36,218
Brandywine Realty Trust [REIT]	5,000		133,850
Capital Automotive [REIT]	3,100		99,200
Colonial Properties Trust [REIT]	1,000		39,600
Commercial Net Lease Realty, Inc. [REIT]	8,500		151,300
Corporate Office Properties Trust [REIT]	1,800		37,800
EastGroup Properties, Inc. [REIT]	1,000		32,380
Essex Property Trust, Inc. [REIT]	1,100		70,642
First Industrial Realty Trust, Inc. [REIT]	3,200		108,000
Gables Residential Trust [REIT]	4,100		142,434
Glimcher Realty Trust [REIT]	1,000		22,380
Great Lakes, Inc. [REIT]	2,600		40,820
Health Care, Inc. [REIT]	4,100		147,600
Heritage Property Investment Trust [REIT]	1,100		31,295
Highwoods Properties, Inc. [REIT]	7,400		187,960
Home Properties of New York, Inc. [REIT]	2,400		96,936
IMPAC Mortgage Holdings, Inc. [REIT]	8,100		147,501
Jones Lang Lasalle, Inc. [REIT]*	6,400		132,672

AST DeAM Small-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Keystone Property Trust [REIT]	6,000	$	132,540
Kilroy Realty Corp. [REIT]	5,000		163,750
Lexington Corp. Properties Trust [REIT]	1,900		38,361
Manufactured Home Communities, Inc. [REIT]	2,500		94,125
MFA Mortgage Investments, Inc. [REIT]	3,500		34,125
Mid-America Apartment Communities, Inc. [REIT]	1,000		33,580
Nationwide Health Properties, Inc. [REIT]	8,800		172,040
Newcastle Investment Corp. [REIT]	1,500		40,650
Parkway Properties, Inc. [REIT]	600		24,960
Post Properties, Inc. [REIT]	5,200		145,184
Prentiss Properties Trust [REIT]	2,800		92,372
PS Business Parks, Inc. [REIT]	800		33,008
RAIT Investment Trust [REIT]	4,500		115,200
Reckson Associates Realty Corp. [REIT](a)	8,100		196,830
Redwood Trust, Inc. [REIT]	1,600		81,360
Senior Housing Properties Trust [REIT]	5,000		86,150
SL Green Realty Corp. [REIT]	4,300		176,515
Sovran Self Storage, Inc. [REIT]	1,900		70,585
Summit Properties, Inc. [REIT]	5,100		122,502
Sun Communities, Inc. [REIT]	2,800		108,360
Ventas, Inc. [REIT]	6,300		138,600
Washington Real Estate Investment Trust [REIT]	4,000		116,800

			4,064,363

Retail & Merchandising — 1.7%
Charming Shoppes, Inc.*	79,400		428,760
Stage Stores, Inc.*	16,000		446,400

			875,160

Telecommunications — 2.2%
Cincinnati Bell, Inc.*(a)	57,900		292,395
Dobson Communications Corp.*(a)	28,700		188,559
Primus Telecommunications Group, Inc.*	29,100		296,238
Unova, Inc.*	16,600		380,970

			1,158,162

Transportation — 0.9%
RailAmerica, Inc.*	15,000		177,000
USF Corp.	9,000		307,710

			484,710

Utilities — 3.7%
Avista Corp.	28,700		520,044
Energen Corp.	11,100		455,433
PNM Resources, Inc.	22,800		640,680
Southern Union Co.*	16,390		301,576

			1,917,733

Total Long-Term Investments
(Cost $37,805,305)			41,923,511


	Par (000)		Value

*SHORT-TERM INVESTMENTS — 5.0%*
Commercial Paper — 0.9%
Tannehill Capital Co.
1.10%, 01/08/04(b)	$	467	$	466,025

Corporate Obligations — 1.5%
General Electric Capital Corp.
1.13%, 01/02/04 [FRN](b)(c)		463		463,791
Merrill Lynch & Co., Inc.
1.13%, 01/02/04(b)		11		11,293
Natexis Banques Populaires
1.10%, 01/02/04 [FRN](b)(c)		229		228,496
Westdeutsche Landesbank
1.111%, 01/29/04 [FRN](b)(c)		99		99,132

				802,712

	Shares
Non-Registered Investment Company — 0.7%
BlackRock Institutional Money Market Trust(b)(j)		366,733		366,733

	Par (000)
Repurchase Agreement — 0.1%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $47,057 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $57,734, market value including accrued interest $48,467)(b)	$	47		47,054

Time Deposit — 0.1%
Chase Manhattan Bank
0.875%, 01/02/04(b)		75		74,756

U.S. Treasury Obligations — 1.7%
U.S. Treasury Bills
0.88%, 01/29/04(k)(n)		65		64,955
0.90%, 01/29/04(k)(n)		60		59,957
0.93%, 01/29/04(k)(n)		700		699,487

				824,399

Total Short-Term Investments
(Cost $2,581,687)				2,581,679

Total Investments — 85.6%
(Cost $40,386,992; Note 5)				44,505,190
Other Assets less Liabilities — 14.4%				7,474,856

Net Assets — 100.0%			$	51,980,046

AST DeAM Small-Cap Value Portfolio

Schedule of Investments

December 31, 2003

The following abbreviations are used in portfolio descriptions:

FRN	Floating Rate Note

REIT	Real Estate Investment Trust


symbol		description
*		Non-income producing security.

(a)		Portion of securities on loan with an aggregate market value of $1,628,862; cash collateral $1,757,280 was received with which the portfolio purchased securites.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

(j)		Security available to institutional investors only.

(k)		Securities with an aggregate market value of $824,399 have been segregated with the custodian to cover margin requirements for the following open futures contracts at December 31, 2003:


Description	Expiration Month	Number of Contracts	Contracts at Trade Date Value		Contracts at Current Value		Unrealized Appreciation

Long Position:
Russell 2000	03/04	36	$	9,929,183	$	10,029,600	$	100,417



(n)		Rates shown are the effective yields at purchase date.

See Notes to Financial Statements.

AST Goldman Sachs Mid-Cap Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 96.1%*
*COMMON STOCK*
Advertising — 1.9%
Lamar Advertising Co.*(a)	82,750	$	3,088,230

Aerospace — 1.3%
Alliant Techsystems, Inc.*	36,325		2,098,132

Broadcasting — 10.2%
Citadel Broadcasting Co.*	116,079		2,596,687
Entercom Communications Corp.*	42,525		2,252,124
Entravision Communications Corp. (Class “A” Stock)*	220,000		2,442,000
Scripps, (E.W.) Co. (Class “A” Stock)	33,080		3,114,150
Univision Communications, Inc. (Class “A” Stock)*(a)	71,500		2,837,835
Westwood One, Inc.*	88,275		3,019,888

			16,262,684

Building Materials — 1.8%
American Standard Companies, Inc.*	28,750		2,895,125

Business Services — 3.8%
ARAMARK Corp. (Class “B” Stock)	138,075		3,786,016
Iron Mountain, Inc.*(a)	60,077		2,375,445

			6,161,461

Cable Television — 4.0%
Cablevision Systems New York Group (Class “A” Stock)*(a)	97,875		2,289,296
EchoStar Communications Corp. (Class “A” Stock)*	79,250		2,694,500
Lodgenet Entertainment Corp.*	74,350		1,359,118

			6,342,914

Clothing & Apparel — 1.8%
Reebok International Ltd.(a)	73,875		2,904,765

Computer Services & Software — 9.2%
Avocent Corp.*	73,925		2,699,740
BARRA, Inc.	69,200		2,455,908
Cognos, Inc. (Canada)*	45,975		1,407,755
Electronic Arts, Inc.*(a)	20,850		996,213
Intuit, Inc.*	27,950		1,478,835
Manhattan Associates, Inc.*(a)	26,294		726,766
SunGard Data Systems, Inc.*	108,700		3,012,076
Symantec Corp.*(a)	55,650		1,928,273

			14,705,566

Conglomerates — 1.1%
Brink’s Co. (The)	78,450		1,773,755

Consumer Products & Services — 3.1%
Energizer Holdings, Inc.*	20,700		777,492
Mattel, Inc.	108,100		2,083,087
UST, Inc.	60,825		2,170,844

			5,031,423


	Shares	Value

Electronic Components & Equipment — 6.1%
Amphenol Corp.*	45,500	$	2,908,815
Gentex Corp.(a)	64,950		2,868,192
Harman International Industries, Inc.	53,750		3,976,425

			9,753,432

Entertainment & Leisure — 2.6%
Harrah’s Entertainment, Inc.	43,075		2,143,843
Metro-Goldwyn-Mayer, Inc.*(a)	115,623		1,975,997

			4,119,840

Equipment Services — 1.5%
Millipore Corp.*(a)	56,510		2,432,756

Financial - Bank & Trust — 1.6%
M&T Bank Corp.	9,825		965,798
National Commerce Financial Corp.	55,950		1,526,316

			2,492,114

Financial Services — 3.4%
Ambac Financial Group, Inc.	35,850		2,487,631
Moody’s Corp.	36,425		2,205,534
Nelnet, Inc. (Class “A” Stock)*(a)	35,300		790,720

			5,483,885

Furniture — 1.9%
Ethan Allen Interiors, Inc.(a)	72,825		3,049,911

Healthcare Services — 2.9%
Caremark Rx, Inc.*(a)	96,575		2,446,244
Hooper Holmes, Inc.	352,025		2,175,515

			4,621,759

Hotels & Motels — 0.8%
Marriott International, Inc. (Class “A” Stock)(a)	27,775		1,283,205

Industrial Products — 1.4%
Grainger (W.W.), Inc.(a)	47,925		2,271,166

Insurance — 2.0%
RenaissanceRe Holdings Ltd.(a)	35,200		1,726,560
Willis Group Holdings Ltd. (United Kingdom)*	45,825		1,561,258

			3,287,818

Internet Services — 3.5%
Checkfree Corp.*(a)	109,275		3,021,453
ProQuest Co.*	51,250		1,509,313
Sabre Holdings Corp.	51,098		1,103,206

			5,633,972

Medical Supplies & Equipment — 4.6%
Apogent Technologies, Inc.*	118,850		2,738,304
Charles River Laboratories International, Inc.*(a)	106,575		3,658,720
St. Jude Medical, Inc.*	16,500		1,012,275

			7,409,299

AST Goldman Sachs Mid-Cap Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Office Equipment — 1.3%
Pitney Bowes, Inc.	52,250	$	2,122,395

Oil & Gas — 4.0%
Energy Partners Ltd.*	54,525		757,898
Nabors Industries Ltd.*(a)	35,825		1,486,738
Pogo Producing Co.	35,550		1,717,065
Smith International, Inc.*(a)	58,750		2,439,299

			6,401,000

Personal Services — 1.1%
ITT Educational Services, Inc.*	36,325		1,706,185

Pharmaceuticals — 4.3%
Allergan, Inc.(a)	11,725		900,597
Biogen Idec, Inc.*(a)	43,550		1,601,769
Covance, Inc.*(a)	81,375		2,180,850
MedImmune, Inc.*	84,850		2,155,190

			6,838,406

Retail & Merchandising — 8.9%
99 Cents Only Stores*(a)	61,600		1,677,368
Chico’s FAS, Inc.*(a)	64,875		2,397,131
Dollar Tree Stores, Inc.*	79,125		2,378,498
Family Dollar Stores, Inc.	27,100		972,348
PETCO Animal Supplies, Inc.*	109,970		3,348,586
TJX Companies, Inc.	93,950		2,071,598
Williams-Sonoma, Inc.*(a)	43,075		1,497,718

			14,343,247

Semiconductors — 4.4%
KLA-Tencor Corp.*(a)	42,025		2,465,607
Microchip Technology, Inc.(a)	74,550		2,486,988
Tessera Technologies, Inc.*	29,700		558,657
Xilinx, Inc.*(a)	41,700		1,615,458

			7,126,710

Telecommunications — 0.7%
Crown Castle International Corp.*(a)	106,675		1,176,625

Transportation — 0.9%
C.H. Robinson Worldwide, Inc.	38,350		1,453,849

Total Long-Term Investments
(Cost $133,768,476)			154,271,629


	Par (000)		Value

*SHORT-TERM INVESTMENTS — 25.4%*
Commercial Paper — 6.3%
Amsterdam Funding Corp.
1.10%, 01/05/04(b)	$	372	$	372,040
Cancara Asset Securitisation Ltd.
1.11%, 01/12/04(b)		5,019		5,015,100
Monumental Global Funding
1.141%, 01/29/04 [FRN](b)(c)		824		825,888
Silver Tower U.S. Funding
1.13%, 02/02/04(b)		782		779,379
Tannehill Capital Co.
1.11%, 01/13/04(b)		3,113		3,106,919
Tulip Funding Corp.
1.10%, 01/21/04(b)		53		52,868

				10,152,194

Corporate Obligations — 10.7%
American Express Centurian
1.144%, 01/22/04 [FRN](b)(c)		583		582,718
1.131%, 01/29/04 [FRN](b)(c)		803		802,617
Bear Stearns Co., Inc.
1.12%, 01/02/04 [FRN](b)(c)		4,083		4,082,546
General Electric Capital Corp.
1.13%, 01/02/04 [FRN](b)(c)		270		270,636
Merrill Lynch & Co., Inc.
1.13%, 01/02/04(b)		275		274,520
1.13%, 01/02/04 [FRN](b)(c)		1,239		1,239,027
Morgan Stanley
1.03%, 01/02/04 [FRN](b)(c)		309		308,553
1.08%, 01/02/04 [FRN](b)(c)		3,980		3,979,661
Natexis Banques Populaires
1.035%, 01/02/04 [FRN](b)(c)		62		62,157
1.10%, 01/02/04 [FRN](b)(c)		1,966		1,965,966
Westdeutsche Landesbank
1.13%, 01/09/04 [FRN](b)(c)		2,609		2,608,905
1.111%, 01/23/04 [FRN](b)(c)		61		61,311
1.111%, 01/29/04 [FRN](b)(c)		964		963,574

				17,202,191

AST Goldman Sachs Mid-Cap Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares		Value

Non-Registered Investment Company — 6.7%
BlackRock Institutional Money Market Trust(b)(j)		10,677,315	$	10,677,315

	Par (000)
Repurchase Agreement — 0.7%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $1,143,895 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $1,403,432, market value including accrued interest $1,178,168)(b)	$	1,144		1,143,832


	Par (000)		Value

Time Deposits — 1.0%
Chase Manhattan Bank
0.875%, 01/02/04(b)	$	767	$	766,663
UBS Bank
0.938%, 01/02/04(b)		895		894,747

				1,661,410

Total Short-Term Investments
(Cost $40,836,942)				40,836,942

Total Investments — 121.5%
(Cost $174,605,418; Note 5)				195,108,571
Liabilities in Excess of Other Assets — (21.5%)				(34,560,004	)

Net Assets — 100.0%			$	160,548,567


The following abbreviation is used in portfolio descriptions:

FRN		Floating Rate Note

symbol		description
*		Non-income producing security.

(a)		Portion of securities on loan with an aggregate market value of $39,257,216; cash collateral $40,836,942 was received with which the portfolio purchased securities.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

(j)		Security available to institutional investors only.

See Notes to Financial Statements.

AST Neuberger Berman Mid-Cap Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 97.6%*
*COMMON STOCK*
Advertising — 0.6%
Getty Images, Inc.*	41,500	$	2,080,395

Broadcasting — 2.8%
Scripps (E.W.) Co. (Class “A” Stock)	56,100		5,281,254
Univision Communications, Inc. (Class “A” Stock)*(a)	117,300		4,655,637

			9,936,891

Business Services — 2.4%
Alliance Data Systems Corp.*	187,500		5,190,000
Corporate Executive Board Co.*(a)	74,630		3,482,982

			8,672,982

Clothing & Apparel — 2.0%
Coach, Inc.*	188,000		7,097,000

Computer Hardware — 1.1%
SanDisk Corp.*(a)	65,000		3,974,100

Computer Services & Software — 7.5%
Adobe Systems, Inc.(a)	45,000		1,768,500
Affiliated Computer Services, Inc. (Class “A” Stock)*(a)	35,000		1,906,100
Cognos, Inc. (Canada)*	55,500		1,699,410
Electronic Arts, Inc.*	41,900		2,001,982
Mercury Interactive Corp.*(a)	111,500		5,423,360
PeopleSoft, Inc.*(a)	168,000		3,830,400
Symantec Corp.*(a)	161,000		5,578,650
Unisys Corp.*(a)	12,500		185,625
Veritas Software Corp.*(a)	125,200		4,652,432

			27,046,459

Construction — 0.5%
Centex Corp.	17,500		1,883,875

Containers & Packaging — 1.8%
Packaging Corp. of America	90,000		1,967,400
Pactiv Corp.*	186,500		4,457,350

			6,424,750

Electronic Components & Equipment — 8.4%
Agilent Technologies, Inc.*(a)	70,000		2,046,800
Gentex Corp.(a)	89,500		3,952,320
Harman International Industries, Inc.	73,000		5,400,540
Jabil Circuit, Inc.*	65,000		1,839,500
Molex, Inc.(a)	142,500		4,971,825
Parker-Hannifin Corp.	52,000		3,094,000
Zebra Technologies Corp. (Class “A” Stock)*(a)	132,750		8,810,618

			30,115,603


	Shares	Value

Entertainment & Leisure — 3.7%
International Game Technology(a)	135,000	$	4,819,500
Mandalay Resort Group	104,000		4,650,880
Royal Caribbean Cruises Ltd.(a)	114,000		3,966,060

			13,436,440

Equipment Services — 0.9%
United Rentals, Inc.*	170,000		3,274,200

Exchange - Traded Funds — 0.7%
iShares Russell 2000 Growth Index Fund(a)	45,000		2,666,250

Financial - Bank & Trust — 1.0%
New York Community Bancorp, Inc.	93,600		3,561,480

Financial Services — 5.3%
Capital One Financial Corp.(a)	88,500		5,424,165
Franklin Resources, Inc.	88,500		4,607,310
Investors Financial Services Corp.(a)	141,000		5,415,810
Moody’s Corp.	62,100		3,760,155

			19,207,440

Food — 1.1%
Whole Foods Market, Inc.(a)	60,500		4,061,365

Healthcare Services — 2.5%
Caremark Rx, Inc.*(a)	210,500		5,331,965
Stericycle, Inc.*	75,800		3,539,860

			8,871,825

Industrial Products — 3.6%
Donaldson Co., Inc.	49,500		2,928,420
Fastenal Co.(a)	115,000		5,743,100
SPX Corp.*(a)	72,500		4,263,725

			12,935,245

Insurance — 0.4%
China Life Insurance Co. [ADR]*(a)	42,400		1,397,928

Internet Services — 1.9%
Amazon.com, Inc.*(a)	51,500		2,710,960
Juniper Networks, Inc.*(a)	222,000		4,146,960

			6,857,920

Machinery & Equipment — 2.1%
Danaher Corp.(a)	63,500		5,826,125
Eaton Corp.	17,500		1,889,650

			7,715,775

Medical Supplies & Equipment — 9.4%
Bard (C.R.), Inc.	44,500		3,615,625
Genzyme Corp.*(a)	85,000		4,193,900
Henry Schein, Inc.*	76,500		5,169,870
Inamed Corp.*	48,750		2,342,925
Invitrogen Corp.*(a)	43,500		3,045,000
Varian Medical Systems, Inc.*	91,000		6,288,100

AST Neuberger Berman Mid-Cap Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

VISX, Inc.*	189,000	$	4,375,350
Zimmer Holdings, Inc.*	70,000		4,928,000

			33,958,770

Metals & Mining — 0.6%
Freeport-McMoRan Copper & Gold, Inc. (Class “B” Stock)(a)	49,000		2,064,370

Oil & Gas — 2.9%
Kinder Morgan, Inc.	32,000		1,891,200
Murphy Oil Corp.	59,500		3,885,945
XTO Energy, Inc.(a)	170,400		4,822,320

			10,599,465

Personal Services — 0.9%
Education Management Corp.*	108,000		3,352,320

Pharmaceuticals — 7.6%
Allergan, Inc.(a)	60,500		4,647,005
Celgene Corp.*(a)	65,500		2,948,810
Chiron Corp.*(a)	84,000		4,787,160
Gilead Sciences, Inc.*(a)	85,000		4,941,900
NPS Pharmaceuticals, Inc.*	102,800		3,160,072
Teva Pharmaceutical Industries Ltd. [ADR](a)	76,500		4,338,315
Watson Pharmaceuticals, Inc.*(a)	57,500		2,645,000

			27,468,262

Retail & Merchandising — 10.2%
CarMax, Inc.*	77,500		2,397,075
Michaels Stores, Inc.(a)	117,500		5,193,500
Nordstrom, Inc.	106,500		3,652,950
PETsMART, Inc.	104,000		2,475,200
Ross Stores, Inc.	195,000		5,153,850
Staples, Inc.*	143,500		3,917,550
Tiffany & Co.(a)	110,000		4,972,000
Tuesday Morning Corp.*	100,000		3,025,000
Williams-Sonoma, Inc.*(a)	156,500		5,441,504

			36,228,629

Semiconductors — 9.9%
ASML Holding NV.*(a)	194,000		3,889,700
Broadcom Corp. (Class “A” Stock)*(a)	73,500		2,505,615
Fairchild Semiconductor International, Inc.*	140,000		3,495,800
Intersil Corp. (Class “A” Stock)	154,500		3,839,325
KLA-Tencor Corp.*(a)	62,000		3,637,540
Lam Research Corp.*(a)	74,000		2,390,200
Microchip Technology, Inc.	181,000		6,038,160
National Semiconductor Corp.*(a)	63,500		2,502,535
QLogic Corp.*(a)	70,500		3,637,800
Silicon Laboratories, Inc.*	77,500		3,349,550

			35,286,225


	Shares		Value

Telecommunications — 3.6%
Corning, Inc.*		239,000	$	2,492,770
Nextel Partners, Inc. (Class “A” Stock)*(a)		509,500		6,852,775
UTStarcom, Inc.*(a)		101,500		3,762,605

				13,108,150

Transportation — 2.2%
J.B. Hunt Transport Services, Inc.*		201,000		5,429,010
Swift Transportation Co., Inc.*		123,500		2,595,970

				8,024,980

Total Long-Term Investments
(Cost $281,332,961)				351,309,094

	Par (000)
*SHORT-TERM INVESTMENTS — 45.2%*
Certificate of Deposit
Svenska Handelsbank, Inc.
1.39%, 10/27/04(b)	$	7		6,850

Commercial Paper — 7.6%
Amsterdam Funding Corp.
1.10%, 01/05/04(b)		7,808		7,800,629
Cancara Asset Securitisation Ltd.
1.11%, 01/12/04(b)		7,041		7,035,083
Concord Minutemen Capital Co.
1.13%, 02/09/04(b)		1,414		1,410,552
1.13%, 02/12/04(b)		1,494		1,490,412
Lexington Parker Capital Co.
1.10%, 01/12/04(b)		75		74,601
Monumental Global Funding
1.141%, 01/29/04 [FRN](b)(c)		3,059		3,066,307
Tannehill Capital Co.
1.10%, 01/08/04(b)		3,700		3,690,206
1.11%, 01/13/04(b)		29		29,304
Tulip Funding Corp.
1.10%, 01/21/04(b)		2,664		2,661,501

				27,258,595

Corporate Obligations — 16.9%
American Express Centurian
1.144%, 01/22/04 [FRN](b)(c)		2,408		2,407,648
1.131%, 01/29/04 [FRN](b)(c)		5,568		5,568,432
Bear Stearns Co., Inc.
1.12%, 01/02/04 [FRN](b)(c)		5,328		5,328,188
Canadian Imperial Bank of Commerce
1.111%, 01/29/04 [FRN](b)(c)		4,859		4,858,553
General Electric Capital Corp.
1.13%, 01/02/04 [FRN](b)(c)		3,215		3,217,738
Goldman Sachs Group, Inc.
1.14%, 01/06/04 [FRN](b)(c)		1,527		1,526,852

AST Neuberger Berman Mid-Cap Growth Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value

Merrill Lynch & Co., Inc.
1.13%, 01/02/04(b)	$	1,581	$	1,580,555
1.13%, 01/02/04 [FRN](b)(c)		7,028		7,028,408
Morgan Stanley
1.03%, 01/02/04 [FRN](b)(c)		1,227		1,226,619
1.08%, 01/02/04 [FRN](b)(c)		7,121		7,120,725
Natexis Banques Populaires
1.035%, 01/02/04 [FRN](b)(c)		4,560		4,560,145
1.10%, 01/02/04 [FRN](b)(c)		7,765		7,763,458
Societe Generale
1.08%, 01/02/04 [FRN](b)(c)		6,891		6,890,054
Westdeutsche Landesbank
1.13%, 01/09/04 [FRN](b)(c)		168		167,483
1.111%, 01/29/04 [FRN](b)(c)		1,635		1,634,446

				60,879,304

	Shares
Non-Registered Investment Company — 15.0%
BlackRock Institutional Money Market Trust(b)(j)		53,908,723		53,908,723

Registered Investment Companies — 2.5%
BlackRock Provident Institutional Funds TempCash Portfolio		4,573,468		4,573,468
BlackRock Provident Institutional Funds TempFund Portfolio		4,573,467		4,573,467

				9,146,935


	Par (000)		Value

Repurchase Agreement — 1.8%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $6,586,011 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $8,080,303, market value including accrued interest $6,783,338)(b)	$	6,586	$	6,585,645

Time Deposits — 1.4%
Chase Manhattan Bank
0.875%, 01/02/04(b)		3,969		3,968,906
UBS Bank
0.938%, 01/02/04(b)		1,104		1,104,078

				5,072,984

Total Short-Term Investments
(Cost $162,859,036)				162,859,036

Total Investments — 142.8%
(Cost $444,191,997; Note 5)				514,168,130
Liabilities in Excess of Other Assets — (42.8%)				(154,157,983	)

Net Assets — 100.0%			$	360,010,147

The following abbreviations are used in portfolio descriptions:

ADR	American Depositary Receipt

FRN	Floating Rate Note


symbol		description
*		Non-income producing security.

(a)		Portion of securities on loan with an aggregate market value of $148,818,301; cash collateral $153,712,101 was received with which the portfolio purchased securities.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

(j)		Security not available to non-institutional buyers.

See Notes to Financial Statements.

AST Neuberger Berman Mid-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 97.6%*
*COMMON STOCK*
Automotive Parts — 4.1%
BorgWarner, Inc.	220,900	$	18,791,963
Lear Corp.	383,200		23,501,656

			42,293,619

Beverages — 2.6%
Constellation Brands, Inc. (Class “A” Stock)*	796,500		26,228,745

Building Materials — 1.0%
American Standard Companies, Inc.*	100,400		10,110,280

Business Services — 3.6%
Manpower, Inc.(a)	507,900		23,911,932
Viad Corp.	519,300		12,982,500

			36,894,432

Clothing & Apparel — 5.3%
Liz Claiborne, Inc.	509,000		18,049,140
Reebok International Ltd.(a)	326,600		12,841,912
VF Corp.	543,700		23,509,588

			54,400,640

Computer Services & Software — 1.7%
Computer Associates International, Inc.(a)	646,700		17,680,778

Conglomerates — 1.3%
Johnson Controls, Inc.	111,400		12,935,768

Consumer Products & Services — 0.9%
Regis Corp.	231,600		9,152,832

Entertainment & Leisure — 1.0%
Brunswick Corp.(a)	325,400		10,357,482

Financial - Bank & Trust — 10.8%
Charter One Financial, Inc.	687,300		23,746,215
First Tennessee National Corp.	559,100		24,656,310
GreenPoint Financial Corp.	588,200		20,775,224
North Fork Bancorp, Inc.(a)	401,800		16,260,846
SouthTrust Corp.	311,700		10,201,941
TCF Financial Corp.	295,600		15,179,060

			110,819,596

Financial Services — 7.6%
Ambac Financial Group, Inc.	299,650		20,792,714
Bear Stearns Companies, Inc.	230,600		18,436,470
CIT Group, Inc.	287,300		10,328,435
Federated Investors, Inc. (Class “B” Stock)	269,400		7,909,584
IndyMac Bancorp, Inc.(a)	707,800		21,085,362

			78,552,565


	Shares	Value

Food — 3.0%
Del Monte Foods Co.*	1,435,200	$	14,926,080
Fresh Del Monte Produce, Inc.*(a)	650,100		15,491,883

			30,417,963

Healthcare Services — 13.8%
Anthem, Inc.*(a)	251,900		18,892,500
DaVita, Inc.*	396,100		15,447,900
Laboratory Corp. of America Holdings*(a)	388,200		14,343,990
Omnicare, Inc.(a)	385,000		15,550,150
Oxford Health Plans, Inc.(a)	558,000		24,273,000
Quest Diagnostics, Inc.(a)	168,200		12,297,102
Triad Hospitals, Inc.*	763,700		25,408,298
Universal Health Services, Inc. (Class “B” Stock)(a)	300,400		16,137,488

			142,350,428

Industrial Products — 3.5%
Mohawk Industries, Inc.*(a)	213,200		15,039,128
SPX Corp.*(a)	347,500		20,436,475

			35,475,603

Insurance — 12.7%
Loews Corp.	316,000		15,626,200
PartnerRe Ltd.	315,100		18,291,555
PMI Group, Inc. (The)(a)	518,000		19,285,140
Radian Group, Inc.(a)	488,000		23,790,000
RenaissanceRe Holdings Ltd.(a)	491,100		24,088,455
WellChoice, Inc.*	446,000		15,387,000
XL Capital Ltd. (Class “A” Stock)(a)	184,800		14,331,240

			130,799,590

Oil & Gas — 12.1%
Apache Corp.(a)	65,907		5,345,058
EOG Resources, Inc.	369,800		17,073,666
Equitable Resources, Inc.	287,100		12,322,332
Murphy Oil Corp.	83,200		5,433,792
Pioneer Natural Resources Co.*	660,000		21,073,800
Sunoco, Inc.(a)	432,500		22,122,375
Talisman Energy, Inc. (Canada)	346,700		19,623,220
XTO Energy, Inc.(a)	752,666		21,300,448

			124,294,691

Railroads — 1.0%
Canadian National Railway Co. (Canada)	167,200		10,580,416

Restaurants — 1.5%
Darden Restaurants, Inc.(a)	756,000		15,906,240

AST Neuberger Berman Mid-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Shares		Value

Retail & Merchandising — 5.0%
Foot Locker, Inc.		756,600	$	17,742,270
May Department Stores Co. (The)(a)		126,000		3,662,820
Office Depot, Inc.*(a)		303,600		5,073,156
Payless ShoeSource, Inc.*		603,800		8,090,920
Pier 1 Imports, Inc.		746,300		16,314,118

				50,883,284

Transportation — 3.3%
CNF, Inc.		453,200		15,363,480
Teekay Shipping Corp.		323,200		18,432,096

				33,795,576

Utilities — 1.8%
Pepco Holdings, Inc.(a)		264,500		5,168,330
PPL Corp.(a)		302,500		13,234,375

				18,402,705

Total Long-Term Investments
(Cost $831,020,399)				1,002,333,233

	Par (000)
*SHORT-TERM INVESTMENTS — 21.7%*
Certificate of Deposit
Svenska Handelsbank, Inc. 1.39%, 10/27/04(b)	$	0		63

Commercial Paper — 0.1%
Cancara Asset Securitisation Ltd. 1.11%, 01/12/04(b)		428		428,089
Monumental Global Funding 1.141%, 01/29/04 [FRN](b)(c)		363		363,633

				791,722

Corporate Obligations — 5.8%
American Express Centurian
1.144%, 01/22/04 [FRN](b)(c)		4,916		4,916,241
1.131%, 01/29/04 [FRN](b)(c)		1,147		1,146,895
Bear Stearns Co., Inc. 1.12%, 01/02/04 [FRN](b)(c)		4,237		4,236,913
General Electric Capital Corp. 1.13%, 01/02/04 [FRN](b)(c)		6,433		6,438,603
Merrill Lynch & Co., Inc.
1.13%, 01/02/04(b)		3,485		3,485,412
1.13%, 01/02/04 [FRN](b)(c)		6,860		6,859,502
Morgan Stanley
1.03%, 01/02/04 [FRN](b)(c)		4,866		4,865,714
1.08%, 01/02/04 [FRN](b)(c)		4,845		4,845,221
Natexis Banques Populaires
1.035%, 01/02/04 [FRN](b)(c)		2,266		2,265,653
1.10%, 01/02/04 [FRN](b)(c)		10,618		10,615,450


	Par (000)		Value

Societe Generale 1.08%, 01/02/04 [FRN](b)(c)	$	6,828	$	6,826,986
Westdeutsche Landesbank
1.13%, 01/09/04 [FRN](b)(c)		3,190		3,189,377
1.111%, 01/29/04 [FRN](b)(c)		4		3,689

				59,695,656

	Shares
Non-Registered Investment Company — 11.6%
BlackRock Institutional Money Market Trust(b)(j)		119,272,335		119,272,335

Registered Investment Company — 2.5%
BlackRock Provident Institutional Funds TempCash Portfolio		25,568,936		25,568,936

	Par (000)
Repurchase Agreement — 1.4%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $14,523,357 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $17,818,543, market value including accrued interest $14,958,498)(b)	$	14,523		14,522,550

Time Deposits — 0.3%
Chase Manhattan Bank 0.875%, 01/02/04(b)		2,579		2,579,497
UBS Bank 0.938%, 01/02/04(b)		465		464,697

				3,044,194

Total Short-Term Investments
(Cost $222,895,456)				222,895,456

Total Investments — 119.3%
(Cost $1,053,915,855; Note 5)				1,225,228,689
Liabilities in Excess of Other Assets — (19.3%)				(197,854,385	)

Net Assets — 100.0%			$	1,027,374,304

AST Neuberger Berman Mid-Cap Value Portfolio

Schedule of Investments

December 31, 2003

The following abbreviation is used in portfolio descriptions:

FRN	Floating Rate Note


symbol		description
*		Non-income producing security.

(a)		Portion of securities on loan with an aggregate market value of $190,549,938; cash collateral $197,326,520 was received with which the portfolio purchased securities.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

(j)		Security available to institutional investors only.

See Notes to Financial Statements.

AST Alger All-Cap Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 98.6%*
*COMMON STOCK*
Biotechnology — 7.1%
Amgen, Inc.*	88,800	$	5,487,840
Genentech, Inc.*(a)	164,600		15,401,622
Invitrogen Corp.*(a)	57,800		4,046,000
QLT, Inc.*	195,200		3,679,520

			28,614,982

Business Services — 0.7%
Monster Worldwide, Inc.*	136,500		2,997,540

Clothing & Apparel — 0.4%
Pacific Sunwear of California, Inc.*(a)	69,800		1,474,176

Commercial Services & Supplies — 0.5%
SpectraSite, Inc.*	62,100		2,157,975

Computer Services & Software — 12.2%
Activision, Inc.*	272,400		4,957,680
Brocade Communications Systems, Inc.*(a)	1,091,000		6,305,980
Cisco Systems, Inc.*	402,300		9,771,867
Novell, Inc.*	435,000		4,576,200
Oracle Corp.*	349,300		4,610,760
PeopleSoft, Inc.*(a)	608,400		13,871,520
Veritas Software Corp.*(a)	138,500		5,146,660

			49,240,667

Entertainment & Leisure — 5.7%
Disney (Walt) Co.	343,900		8,023,187
International Game Technology(a)	124,000		4,426,800
Royal Caribbean Cruises Ltd.(a)	31,300		1,088,927
Time Warner, Inc.*(a)	524,200		9,430,358

			22,969,272

Financial - Bank & Trust — 3.0%
Bank of New York Co., Inc.	196,200		6,498,144
U.S. Bancorp	190,300		5,667,134

			12,165,278

Financial Services — 5.8%
Capital One Financial Corp.(a)	117,500		7,201,575
Citigroup, Inc.	227,400		11,037,996
Morgan Stanley Dean Witter & Co.	87,300		5,052,051

			23,291,622

Healthcare Services — 4.5%
Health Management Associates, Inc. (Class “A” Stock)(a)	193,100		4,634,400
Medco Health Solutions, Inc.*	156,300		5,312,637
Quest Diagnostics, Inc.(a)	112,300		8,210,253

			18,157,290

Insurance — 1.0%
MGIC Investment Corp.	71,400		4,065,516


	Shares	Value

Internet Services — 9.7%
eBay, Inc.*(a)	279,000	$	18,020,610
United Online, Inc.*(a)	200,600		3,368,074
Yahoo!, Inc.*(a)	388,900		17,566,613

			38,955,297

Machinery & Equipment — 5.2%
Broadcom Corp. (Class “A” Stock)*(a)	388,500		13,243,965
Caterpillar, Inc.	92,000		7,637,840

			20,881,805

Medical Supplies & Equipment — 6.1%
Boston Scientific Corp.*(a)	367,400		13,505,624
Guidant Corp.	74,000		4,454,800
Varian Medical Systems, Inc.*	34,200		2,363,220
Zimmer Holdings, Inc.*	61,700		4,343,680

			24,667,324

Oil & Gas — 1.2%
Halliburton Co.	180,200		4,685,200

Personal Services — 0.9%
Apollo Group, Inc. (Class “A” Stock)*(a)	50,950		3,464,600

Pharmaceuticals — 7.2%
Allergan, Inc.(a)	28,300		2,173,723
Millennium Pharmaceuticals, Inc.*	355,900		6,644,653
Pfizer, Inc.	385,440		13,617,595
Teva Pharmaceutical Industries Ltd. [ADR](a)	114,900		6,515,979

			28,951,950

Retail & Merchandising — 6.1%
Bed Bath & Beyond, Inc.*	121,000		5,245,350
Gap, Inc.(a)	327,100		7,591,991
Home Depot, Inc.	328,000		11,640,720

			24,478,061

Semiconductors — 12.8%
Applied Materials, Inc.*	380,500		8,542,225
Intel Corp.	202,700		6,526,940
Intersil Corp. (Class “A” Stock)	270,700		6,726,895
Kulicke & Soffa Industries, Inc.*	428,100		6,156,078
Micron Technology, Inc.*(a)	434,300		5,850,021
National Semiconductor Corp.*(a)	169,200		6,668,172
Novellus Systems, Inc.*	97,200		4,087,260
Texas Instruments, Inc.	239,500		7,036,510

			51,594,101

Telecommunications — 8.5%
Advanced Fibre Communications, Inc.*(a)	440,100		8,868,015
CIENA Corp.*(a)	982,000		6,520,480
Comverse Technology, Inc.*(a)	343,300		6,038,647

100

AST Alger All-Cap Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares		Value

Corning, Inc.*		767,600	$	8,006,068
Nextel Communications, Inc. (Class “A” Stock)*(a)		167,200		4,691,632

				34,124,842

TOTAL LONG-TERM INVESTMENTS
(Cost $336,768,484)				396,937,498

	Par (000)
*SHORT-TERM INVESTMENTS — 33.6%*
Certificate of Deposit
Svenska Handelsbank, Inc.
1.39%, 10/27/04(b)	$	186		186,012

Commercial Paper — 6.1%
Cancara Asset Securitisation Ltd.
1.11%, 01/12/04(b)		7,181		7,174,677
Concord Minutemen Capital Co.
1.11%, 01/09/04(b)		2,718		2,710,394
1.13%, 02/09/04(b)		8,299		8,276,159
General Electric Capital Corp.
1.11%, 02/05/04(b)		4,147		4,135,098
Lexington Parker Capital Co.
1.10%, 01/12/04(b)		1,897		1,893,716
Monumental Global Funding
1.141%, 01/29/04 [FRN](b)(c)		294		295,042
Tannehill Capital Co.
1.10%, 01/08/04(b)		135		134,215

				24,619,301

Corporate Obligations — 19.0%
American Express Centurian
1.144%, 01/22/04 [FRN](b)(c)		378		378,215
1.131%, 01/29/04 [FRN](b)(c)		1,458		1,458,011
Bear Stearns Co., Inc.
1.12%, 01/02/04 [FRN](b)(c)		12,338		12,337,764
General Electric Capital Corp.
1.13%, 01/02/04 [FRN](b)(c)		7,439		7,445,668
Goldman Sachs Group, Inc.
1.14%, 01/06/04 [FRN](b)(c)		1,849		1,848,870
Merrill Lynch & Co., Inc.
1.13%, 01/02/04 [FRN](b)(c)		7		7,130
1.13%, 01/02/04(b)		674		673,575
Morgan Stanley
1.03%, 01/02/04 [FRN](b)(c)		9,473		9,472,845
1.08%, 01/02/04 [FRN](b)(c)		5,278		5,278,004
Natexis Banques Populaires
1.035%, 01/02/04 [FRN](b)(c)		12,291		12,291,363
1.10%, 01/02/04 [FRN](b)(c)		9,389		9,386,180
Societe Generale
1.08%, 01/02/04 [FRN](b)(c)		2,394		2,393,025
Westdeutsche Landesbank
1.13%, 01/09/04 [FRN](b)(c)		5,957		5,956,802


	Par (000)		Value

1.111%, 01/23/04 [FRN](b)(c)	$	976	$	975,658
1.111%, 01/29/04 [FRN](b)(c)		6,363		6,361,752

				76,264,862

	Shares
Non-Registered Investment Company — 5.7%
BlackRock Institutional Money Market Trust(b)(j)		22,869,786		22,869,786

Registered Investment Companies — 0.7%
BlackRock Provident Institutional Funds TempCash Portfolio		1,436,060		1,436,060
BlackRock Provident Institutional Funds TempFund Portfolio		1,436,059		1,436,059

				2,872,119

	Par (000)
Repurchase Agreement — 0.7%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $2,806,719 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $3,443,532, market value including accrued interest $2,890,812)(b)	$	2,807		2,806,563

Time Deposits — 1.4%
Chase Manhattan Bank
0.875%, 01/02/04(b)		4,087		4,087,052
UBS Bank
0.938%, 01/02/04(b)		1,578		1,577,992

				5,665,044

Total Short-Term Investments
(Cost $135,283,687)				135,283,687

Total Investments — 132.2%
(Cost $472,052,171; Note 5)				532,221,185
Liabilities in Excess of Other Assets — (32.2%)				(129,716,640	)

Net Assets — 100.0%			$	402,504,545

101

AST Alger All-Cap Growth Portfolio

Schedule of Investments

December 31, 2003

The following abbreviations are used in portfolio descriptions:

ADR	American Depositary Receipt

FRN	Floating Rate Note


symbol		description
*		Non-income producing security.

(a)		Portion of securities on loan with an aggregate market value of $127,443,711; cash collateral $132,411,568 was received with which the portfolio purchased securities.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

(j)		Security available to institutional investors only.

See Notes to Financial Statements.

102

AST Gabelli All-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 91.0%*
*COMMON STOCK — 90.8%*
Aerospace — 1.1%
Curtiss-Wright Corp. (Class “B” Stock)	1,400	$	62,860
General Dynamics Corp.	2,000		180,780
Lockheed Martin Corp.	2,500		128,500
Northrop Grumman Corp.(a)	10,700		1,022,920
Raytheon Co.	4,000		120,160
Sequa Corp. (Class “A” Stock)*	11,000		539,000

			2,054,220

Automobile Manufacturers — 2.5%
DaimlerChrysler AG*(a)	43,000		1,987,460
Ford Motor Co.(a)	1,000		16,000
General Motors Corp.(a)	6,000		320,400
Monaco Coach Corp.*	10,000		238,000
Navistar International Corp.*(a)	35,000		1,676,150
PACCAR, Inc.	3,000		255,360

			4,493,370

Automotive Parts — 3.7%
AutoNation, Inc.*(a)	75,000		1,377,750
BorgWarner, Inc.	12,000		1,020,840
Dana Corp.	140,000		2,569,000
Exide Technologies*(a)	20,000		500
Federal-Mogul Corp.*(a)	8,000		1,800
Genuine Parts Co.	40,000		1,328,000
Midas, Inc.*	5,000		71,500
Myers Industries, Inc.	29,000		351,480
Superior Industries International, Inc.	2,000		87,040

			6,807,910

Beverages — 1.8%
Coca-Cola Co.	10,000		507,500
Coca-Cola Enterprises, Inc.	30,000		656,100
Coca-Cola Hellenic Bottling Co. SA [ADR]	1,500		31,620
Fomento Economico Mexicano SA de CV [ADR]	35,000		1,290,800
PepsiAmericas, Inc.	40,000		684,800
Pernod Ricard SA (France)	200		22,238

			3,193,058

Broadcasting — 7.6%
Beasley Broadcast Group, Inc.*	7,500		123,225
Belo Corp. (Class “A” Stock)	20,000		566,800
Crown Media Holdings, Inc.*	60,000		496,200
Fox Entertainment Group, Inc. (Class “A” Stock)*	35,000		1,020,250
Gray Television, Inc.	20,000		302,400
Grupo Televisa SA [ADR]	22,000		876,920
Liberty Corp. (The)	5,000		225,950
Liberty Media Corp. (Class “A” Stock)*(a)	275,533		3,276,087


	Shares	Value

Liberty Media Corp. (Class “B” Stock)*	500	$	6,900
Lin TV Corp. (Class “A” Stock)*	17,000		438,770
Media General, Inc. (Class “A” Stock)	16,500		1,074,150
Mediaset SPA (Italy)	4,000		47,528
Meredith Corp.	6,000		292,860
News Corp. Ltd. [ADR](a)	2,000		72,200
NRJ Group (France)	1,000		21,317
Paxson Communications Corp.*	81,000		311,850
Publishing & Broadcasting Ltd. (Australia)	7,000		66,032
Scripps, (E.W.) Co. (Class “A” Stock)	28,000		2,635,920
UnitedGlobalCom, Inc. (Class “A” Stock)*(a)	170,216		1,443,432
Young Broadcasting, Inc. (Class “A” Stock)*	27,000		541,080

			13,839,871

Building Materials — 0.2%
Bouygues SA (France)	750		26,224
CRH PLC (Ireland)	3,000		61,567
Thomas Industries, Inc.	10,000		346,599

			434,390

Business Services
Amadeus Global Travel Distribution SA (Spain)	3,500		22,736
SGS Societe Generale De Surveillance Holding SA (Switzerland)	50		31,372

			54,108

Cable Television — 1.9%
Cablevision Systems New York Group (Class “A” Stock)*	100,000		2,339,000
Comcast Corp. (Class “A” Stock)*	18,000		591,660
Hughes Electronics Corp.*	32,929		544,969
PrimaCom AG [ADR]*	14,400		6,912

			3,482,541

Chemicals — 1.8%
Albemarle Corp.	13,000		389,610
Great Lakes Chemical Corp.(a)	40,000		1,087,600
Hercules, Inc.*	80,000		976,000
Sensient Technologies Corp.(a)	45,000		889,650
Shin-Etsu Chemical Co. Ltd. (Japan)	500		20,435

			3,363,295

Clothing & Apparel
Dior (Christian) SA (France)	730		44,225
Swatch Group AG (Switzerland)	300		36,022

			80,247

Computer Hardware — 0.3%
Hewlett-Packard Co.	20,365		467,784

Computer Services & Software — 0.6%
EMC Corp.*	14,000		180,880

103

AST Gabelli All-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

NIWS Co., Ltd. (Japan)	8	$	17,915
PeopleSoft, Inc.*(a)	40,000		912,000

			1,110,795

Conglomerates — 3.2%
Cendant Corp.*(a)	68,800		1,532,176
Honeywell International, Inc.	99,000		3,309,570
ITT Industries, Inc.	12,000		890,520

			5,732,266

Construction — 0.5%
Fleetwood Enterprises, Inc.*	90,000		923,400
Sekisui House Ltd. (Japan)	2,000		20,659
Technip-Coflexip SA (France)	200		21,645

			965,704

Consumer Products & Services — 2.7%
Altadis SA (Spain)	2,000		56,761
Boots Group PLC (United Kingdom)	2,500		30,925
Church and Dwight Co., Inc.	15,000		594,000
Energizer Holdings, Inc.*	44,000		1,652,640
Gallaher Group PLC [ADR]	700		29,778
Gillette Co.	10,000		367,300
Mattel, Inc.	15,000		289,050
Procter & Gamble Co.	13,000		1,298,440
Rayovac Corp.*	25,000		523,750

			4,842,644

Containers & Packaging — 0.1%
Greif, Inc. (Class “A” Stock)	4,000		142,040

Electronic Components & Equipment — 2.2%
Agere Systems, Inc. (Class “B” Stock)*	50,000		145,000
AMETEK, Inc.	10,000		482,600
CTS Corp.	30,000		345,000
Eastman Kodak Co.(a)	15,000		385,050
General Electric Co.(a)	40,000		1,239,200
Magnetek, Inc.*	22,000		144,980
Molex, Inc.	20,000		587,200
Nintendo Co., Ltd. (Japan)	300		27,993
Thomas & Betts Corp.(a)	30,000		686,700
Tokyo Electron Ltd. (Japan)	400		30,382

			4,074,105

Entertainment & Leisure — 4.9%
Disney (Walt) Co.	85,000		1,983,050
Dover Downs Gaming & Entertainment, Inc.	16,000		151,360
Dover Motorsports, Inc.	25,000		87,500
Gaylord Entertainment Co. (Class “A” Stock)*	18,000		537,300
Gemstar-TV Guide International, Inc.*	100,000		505,000
Greek Organization of Football Prognostics (Greece)	1,600		23,007
Hilton Group PLC (United Kingdom)	10,000		40,234
MGM MIRAGE*	15,000		564,150


	Shares	Value

Pixar, Inc.*	100	$	6,929
Time Warner, Inc.*(a)	160,000		2,878,400
Viacom, Inc.	16,000		708,320
Vivendi Universal SA [ADR]*	47,000		1,141,160
World Wrestling Entertainment, Inc.	23,500		307,850

			8,934,260

Environmental Services — 0.6%
Trojan Technologies, Inc. [Canada]*	30,000		170,700
Waste Management, Inc.	30,000		888,000

			1,058,700

Financial - Bank & Trust — 2.6%
Bank of Ireland [ADR]	1,000		54,940
Bank of New York Co., Inc.(a)	23,000		761,760
Deutsche Bank AG [ADR]*(a)	14,000		1,150,940
PNC Financial Services Group	15,000		820,950
UBS AG [ADR]*	1,000		67,990
Wilmington Trust Corp.	50,000		1,800,000

			4,656,580

Financial Services — 5.6%
American Express Co.(a)	90,000		4,340,700
BKF Capital Group, Inc.*	7,000		172,760
Countrywide Financial Corp.(a)	5,333		404,508
Eaton Vance Corp.	10,000		366,400
Fannie Mae	6,000		450,360
Freddie Mac	4,800		279,936
Irish Life & Permanent PLC (Ireland)	2,000		31,862
J.P. Morgan Chase & Co.	12,000		440,760
Lehman Brothers Holdings, Inc.(a)	4,000		308,880
Merrill Lynch & Co., Inc.	15,000		879,750
Nikko Securities Co. Ltd. (Japan)	7,000		38,994
Price (T. Rowe) Group, Inc.(a)	40,000		1,896,400
Schwab, (Charles) Corp.	18,000		213,120
Washington Mutual, Inc.	7,000		280,840

			10,105,270

Food — 6.3%
Albertson’s, Inc.(a)	25,000		566,250
Archer-Daniels-Midland Co.	180,000		2,739,600
Del Monte Foods Co.*	10,000		104,000
Diageo PLC [ADR]	26,000		1,374,360
Flowers Foods, Inc.	60,000		1,548,000
General Mills, Inc.(a)	20,000		906,000
Heinz (H.J.) Co.	30,000		1,092,900
Kellogg Co.	15,000		571,200
Safeway, Inc.*	60,000		1,314,600
Smucker (J.M.) Co. (The)(a)	340		15,399
Weis Markets, Inc.	17,000		617,100
Wrigley (Wm., Jr.) Co.	11,000		618,310

			11,467,719

Healthcare Services — 0.1%
Tenet Healthcare Corp.*	8,000		128,400

104

AST Gabelli All-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Hotels & Motels — 0.1%
Hilton Hotels Corp.	15,000	$	256,950

Industrial Products — 1.8%
Cooper Industries Ltd. (Class “A” Stock)	40,000		2,317,200
Crane Co.(a)	30,000		922,200

			3,239,400

Insurance — 1.2%
Alleghany Corp.*	2,040		453,900
Argonaut Group, Inc.*	14,000		217,560
Hartford Financial Services Group, Inc. (The)	5,000		295,150
Leucadia National Corp.	5,000		230,500
MONY Group, Inc. (The)*(a)	10,000		312,900
Riunione Adriatica di Sicurta SPA (Italy)	1,300		22,137
UnumProvident Corp.(a)	21,000		331,170
White Mountain Insurance Group*	600		275,970

			2,139,287

Internet Services — 0.2%
Checkfree Corp.*	3,000		82,950
eBay, Inc.*(a)	200		12,918
InterActiveCorp.*(a)	6,000		203,580

			299,448

Machinery & Equipment — 2.4%
AGCO Corp.*	40,000		805,600
Deere & Co.	20,000		1,301,000
Flowserve Corp.*	10,000		208,800
Gencorp, Inc.	55,000		592,350
Thermo Electron Corp.*	60,000		1,512,000

			4,419,750

Medical Supplies & Equipment — 2.2%
Apogent Technologies, Inc.*	11,000		253,440
Aventis SA [ADR]	500		33,130
Baxter International, Inc.	6,000		183,120
Bio-Rad Laboratories, Inc.*	3,000		173,010
DENTSPLY International, Inc.	3,000		135,510
Henry Schein, Inc.*	10,000		675,800
ICU Medical, Inc.*	4,000		137,120
Inamed Corp.*	15,000		720,900
Invitrogen Corp.*(a)	7,000		490,000
Nakanishi, Inc. (Japan)	1,000		43,342
Owens & Minor, Inc.	15,000		328,650
Patterson Dental Co.*	1,500		96,240
Sybron Dental Specialties, Inc.*	27,000		758,701
Synthes-Stratec, Inc. (Switzerland)	35		34,639

			4,063,602

Metals & Mining — 0.8%
Alcoa, Inc.(a)	7,000		266,000
Harmony Gold Mining Co. [ADR]	5,000		81,150


	Shares	Value

Newmont Mining Corp.	6,000	$	291,660
Precision Castparts Corp.(a)	17,636		800,851

			1,439,661

Oil & Gas — 4.7%
Baker Hughes, Inc.	16,200		520,992
Burlington Resources, Inc.	30,000		1,661,399
ConocoPhillips	19,594		1,284,779
Devon Energy Corp.(a)	18,000		1,030,680
El Paso Corp.	62,000		507,780
Eni SPA [ADR]	550		52,239
ENSCO International, Inc.	5,000		135,850
Equitable Resources, Inc.	6,000		257,520
Halliburton Co.(a)	4,000		104,000
Kerr-McGee Corp.	20,000		929,800
National Fuel Gas Co.	38,000		928,720
ONEOK, Inc.(a)	30,000		662,400
Questar Corp.	10,000		351,500
Total SA [ADR]	750		69,383

			8,497,042

Paper & Forest Products — 0.3%
International Paper Co.	6,000		258,660
MeadWestvaco Corp.	8,000		238,000

			496,660

Pharmaceuticals — 2.0%
AstraZeneca PLC [ADR](a)	1,000		48,380
Bristol-Myers Squibb Co.(a)	40,000		1,144,000
GlaxoSmithKline PLC [ADR]	1,750		81,585
Merck & Co., Inc.	8,000		369,600
Novartis AG [ADR]	1,500		68,835
Pfizer, Inc.	47,000		1,660,509
Roche Holding AG (Switzerland)	600		60,522
Sanofi-Sythelabo SA [ADR]	1,500		56,625
Takeda Chemical Industries Ltd. (Japan)	700		27,760
Wyeth	4,000		169,800

			3,687,616

Printing & Publishing — 5.0%
Journal Register Co.*	10,000		207,000
Knight-Ridder, Inc.	14,000		1,083,180
McGraw-Hill Companies, Inc.	5,000		349,600
New York Times Co. (Class “A” Stock)	30,000		1,433,700
Pearson PLC (ADR)	2,300		25,783
PRIMEDIA, Inc.*	50,000		141,500
Pulitzer, Inc.	25,000		1,350,000
Readers Digest Association, Inc.(a)	20,894		306,306
Tribune Co.(a)	55,000		2,838,000
Washington Post Co. (Class “B” Stock)	1,700		1,345,380

			9,080,449

Real Estate
Cheung Kong Holdings Ltd. (Hong Kong)	3,000		23,861

105

AST Gabelli All-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Retail & Merchandising — 0.6%
Big 5 Sporting Goods Corp.*	3,000	$	62,850
Blockbuster, Inc. (Class “A” Stock)(a)	2,000		35,900
Compagnie Financiere Richemont AG (Switzerland)	2,700		64,839
Matsumotokiyoshi Co., LTD (Japan)*	400		8,976
Matsumotokiyoshi Co., LTD (Japan)* WI	400		8,976
Neiman Marcus Group, Inc. (Class “A” Stock)*	17,000		912,391

			1,093,932

Semiconductors — 0.7%
Rohm Co. Ltd. (Japan)	300		35,159
Texas Instruments, Inc.	45,000		1,322,100

			1,357,259

Telecommunications — 10.6%
AT&T Corp.(a)	25,000		507,500
BCE, Inc.	25,000		559,000
BT Group PLC [ADR]	15,000		513,300
Cable & Wireless Communications PLC [ADR]	25,000		175,250
CenturyTel, Inc.(a)	80,000		2,609,599
Cincinnati Bell, Inc.*(a)	130,000		656,500
Commonwealth Telephone Enterprises, Inc.*(a)	14,490		546,998
Corning, Inc.*	140,000		1,460,200
France Telecom SA [ADR]	1,000		28,590
IDT Corp.*	200		4,430
IDT Corp. (Class “B” Stock)*	200		4,626
Ito-Yokado Co. Ltd. (Japan)	1,000		31,445
KDDI Corp. (Japan)	6		34,375
Lucent Technologies, Inc.*	186,000		528,240
MMO2 PLC [ADR]*	60,000		819,600
Motorola, Inc.	145,000		2,040,150
Nextel Communications, Inc. (Class “A” Stock)*	25,000		701,500
Nextel Partners, Inc. (Class “A” Stock)*(a)	25,000		336,250
Nortel Networks Corp.*	70,000		296,100
Price Communications Corp.*	38,000		521,740
Qualcomm, Inc.	2,000		107,860
Qwest Communications International, Inc.*	260,000		1,123,200
Sprint Corp.(a)	65,000		1,067,300
Sprint Corp. (PCS Group)*(a)	140,000		786,800
Telecom Italia SPA (Italy)*	15,000		44,463
Telefonica Moviles, SA (Spain)	2,500		26,110
Telephone & Data Systems, Inc.	19,000		1,188,450
United States Cellular Corp.*	35,000		1,242,500
Verizon Communications, Inc.	25,000		877,000
Vodafone Group PLC [ADR](a)	2,000		50,080
Western Wireless Corp. (Class “A” Stock)*	12,000		220,320

			19,109,476


	Shares		Value

Utilities — 7.9%
AES Corp.*		127,500	$	1,203,600
Allegheny Energy, Inc.*(a)		60,000		765,600
Aquila, Inc.*		125,000		423,750
CH Energy Group, Inc.		7,000		328,300
Cinergy Corp.(a)		42,000		1,630,019
Cleco Corp.		10,000		179,800
Constellation Energy Group, Inc.		30,000		1,174,800
DPL, Inc.		28,000		584,640
Duke Energy Corp.(a)		12,000		245,400
Duquesne Light Holdings, Inc.(a)		48,000		880,320
El Paso Electric Co.*		38,100		508,635
FirstEnergy Corp.		10,000		352,000
Great Plains Energy, Inc.		40,000		1,272,800
Mirant Corp.*(a)		200,000		78,000
NiSource, Inc.		10,000		219,400
Northeast Utilities(a)		75,000		1,512,750
NUI Corp.		5,000		80,600
PPL Corp.(a)		2,000		87,500
Public Service Enterprise Group, Inc.(a)		8,200		359,160
Sierra Pacific Resources*(a)		30,000		220,200
Teco Energy, Inc.(a)		38,000		547,580
UIL Holdings Corp.		3,000		135,300
Unisource Energy Corp.		10,000		246,600
Wisconsin Energy Corp.		20,000		669,000
Xcel Energy, Inc.(a)		32,000		543,360

				14,249,114

Total Common Stock
(Cost $141,788,324)				164,942,784

*PREFERRED STOCK — 0.2%*
Broadcasting
News Corp. Ltd. [ADR]
(Cost $447,655)		14,684		444,190

Total Long-Term Investments
(Cost $142,235,979)				165,386,974

	Par (000)
*SHORT-TERM INVESTMENTS — 32.3%*
Certificate of Deposit — 0.3%
Svenska Handelsbank, Inc.
1.39%, 10/27/04(b)	$	579		579,432

Commercial Paper — 4.7%
Cancara Asset Securitisation Ltd.
1.11%, 01/12/04(b)		350		349,475
Concord Minutemen Capital Co.
1.13%, 02/12/04(b)		342		341,031
Crown Point Capital Co.
1.11%, 01/16/04(b)		86		85,689
General Electric Capital Corp.
1.11%, 02/05/04(b)		688		686,485

106

AST Gabelli All-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value

Lexington Parker Capital Co.
1.10%, 01/12/04(b)	$	1,302	$	1,299,633
Monumental Global Funding
1.141%, 01/29/04 [FRN](b)(c)		1,891		1,895,691
Silver Tower U.S. Funding
1.13%, 02/02/04(b)		2,864		2,856,064
Tannehill Capital Co.
1.11%, 01/13/04(b)		293		292,856
Tulip Funding Corp.
1.10%, 01/21/04(b)		804		803,593

				8,610,517

Corporate Obligations — 9.6%
American Express Centurian
1.118%, 01/22/04 [FRN](b)(c)		307		307,066
1.144%, 01/22/04 [FRN](b)(c)		14		14,398
1.131%, 01/29/04 [FRN](b)(c)		1,203		1,202,504
Bear Stearns Co., Inc.
1.12%, 01/02/04 [FRN](b)(c)		3,915		3,914,602
Canadian Imperial Bank of Commerce
1.111%, 01/29/04 [FRN](b)(c)		1,001		1,001,261
Goldman Sachs Group, Inc.
1.14%, 01/06/04 [FRN](b)(c)		1,597		1,597,407
Merrill Lynch & Co., Inc.
1.13%, 01/02/04(b)		390		389,603
1.13%, 01/02/04 [FRN](b)(c)		2,182		2,181,260
Morgan Stanley
1.03%, 01/02/04 [FRN](b)(c)		1,140		1,140,058
1.08%, 01/02/04 [FRN](b)(c)		1,897		1,896,555
Natexis Banques Populaires
1.035%, 01/02/04 [FRN](b)(c)		730		729,832
1.10%, 01/02/04 [FRN](b)(c)		2,556		2,555,753
Westdeutsche Landesbank
1.13%, 01/09/04 [FRN](b)(c)		145		144,579
1.111%, 01/23/04 [FRN](b)(c)		66		66,216
1.111%, 01/29/04 [FRN](b)(c)		303		302,469

				17,443,563

	Shares
Non-Registered Investment Company — 7.7%
BlackRock Institutional Money Market Trust(b)(j)		14,082,195		14,082,195

Registered Investment Companies — 8.3%
BlackRock Provident Institutional Funds TempCash Portfolio		7,538,660		7,538,660
BlackRock Provident Institutional Funds TempFund Portfolio		7,538,658		7,538,658

				15,077,318


	Par (000)		Value

Repurchase Agreement — 0.9%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $1,623,438 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $1,991,778, market value including accrued interest $1,672,079)(b)	$	1,623	$	1,623,348

Time Deposits — 0.8%
Chase Manhattan Bank
0.875%, 01/02/04(b)		959		959,416
UBS Bank
0.938%, 01/02/04(b)		415		415,396

				1,374,812

Total Short-Term Investments
(Cost $58,791,185)				58,791,185

Total Investments — 123.3%
(Cost $201,027,164; Note 5)				224,178,159
Liabilities in Excess of Other Assets — (23.3%)				(42,304,444	)

Net Assets — 100.0%			$	181,873,715

107

AST Gabelli All-Cap Value Portfolio

Schedule of Investments

December 31, 2003

The following abbreviations are used in portfolio descriptions:

ADR	American Depositary Receipt

FRN	Floating Rate Note


symbol		description
*		Non-income producing security.

(a)		Portion of securities on loan with an aggregate market value of $41,967,791; cash collateral $43,713,867 was received with which the portfolio purchased securities.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

(j)		Security available to institutional investors only.

See Notes to Financial Statements.

108

AST T. Rowe Price Natural Resources Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 97.2%*
*COMMON STOCK — 96.4%*
Building & Real Estate — 4.7%
AMB Property Corp. [REIT]	34,800	$	1,144,224
Archstone Smith Trust [REIT]	31,000		867,380
Boston Properties, Inc. [REIT]	16,700		804,773
Camden Property Trust [REIT]	24,000		1,063,200
Catellus Development Corp.	56,085		1,352,770
Duke-Weeks Realty Corp. [REIT]	38,630		1,197,530
Rouse Co. [REIT]	35,500		1,668,500

			8,098,377

Building Materials — 1.4%
Carpenter Technology Corp.	36,500		1,079,305
Walter Industries, Inc.	94,400		1,260,240

			2,339,545

Chemicals — 9.6%
Agrium, Inc. (Canada)	336,100		5,532,206
Dow Chemical Co.	60,100		2,498,357
Hercules, Inc.*	150,900		1,840,980
IMC Global, Inc.*(a)	132,300		1,313,739
Octel Corp.	36,975		728,038
Potash Corp. of Saskatchewan, Inc. (Canada)(a)	51,700		4,471,016

			16,384,336

Containers & Packaging — 2.0%
Packaging Corp. of America	71,700		1,567,362
Smurfit-Stone Container Corp.*(a)	96,962		1,800,584

			3,367,946

Diversified Metals — 4.0%
Companhia Vale Do Rio Doce (Class “A” Stock) [ADR]	24,000		1,236,240
Companhia Vale Do Rio Doce [ADR]	5,000		292,500
Inco Ltd. (Canada)*	61,700		2,456,894
Nucor Corp.(a)	49,700		2,783,200

			6,768,834

Energy Services — 2.2%
Massey Energy Co.	38,600		802,880
Peabody Energy Corp.	27,500		1,147,025
W-H Energy Services, Inc.*	114,900		1,861,380

			3,811,285

Exploration & Production — 9.1%
Devon Energy Corp.(a)	79,957		4,578,338
Encore Acquisition Co.*	46,400		1,143,760


	Shares	Value

Forest Oil Corp.*	54,380	$	1,553,637
Global Industries Ltd.*	117,700		606,155
Kerr-McGee Corp.	28,800		1,338,912
Layne Christensen Co.*	79,700		936,475
Murphy Oil Corp.(a)	77,500		5,061,524
Tom Brown, Inc.*	9,400		303,150

			15,521,951

Farming & Agriculture — 0.8%
Delta and Pine Land Co.	50,900		1,292,860

Gas Transmission & Distribution — 1.0%
Gazprom [ADR] 144A (cost $1,291,335; purchased 06/24/03 - 07/03/03)(g)	67,000		1,735,300

Integrated Petroleum — 18.7%
Amerada Hess Corp.	54,300		2,887,131
Baker Hughes, Inc.	98,900		3,180,624
BP PLC [ADR](a)	82,300		4,061,505
ChevronTexaco Corp.	23,028		1,989,389
ENI Co. SPA [ADR](a)	18,000		1,709,640
Exxon Mobil Corp.	106,000		4,346,000
Lukoil Holding [ADR]	6,900		641,700
Marathon Oil Corp.	105,600		3,494,304
Royal Dutch Petroleum Co. .	83,800		4,390,282
Total Fina SA [ADR]	51,700		4,782,767
Yukos [ADR]	12,127		516,610

			31,999,952

Machinery & Equipment — 4.4%
Cooper Cameron Corp.*(a)	50,500		2,353,300
Deere & Co.	18,900		1,229,445
Grant Prideco, Inc.*(a)	42,400		552,048
Hydril Co.*	96,900		2,318,817
Joy Global, Inc.	42,500		1,111,375

			7,564,985

Metals & Mining — 11.9%
Alcoa, Inc.(a)	107,184		4,072,992
Arch Coal, Inc.(a)	89,400		2,786,598
BHP Billiton Ltd. (Australia)	137,400		1,261,956
International Steel Group, Inc.*(a)	58,700		2,286,365
JSC MMC Norilsk Nickel [ADR]	27,300		1,778,595
Newmont Mining Corp.(a)	78,826		3,831,732
Noranda, Inc. (Canada)	98,450		1,561,417
Teck Corp. [CVT]	161,100		2,733,867

			20,313,522

Non-Ferrous Metals — 1.3%
Phelps Dodge Corp.*(a)	28,800		2,191,392

109

AST T. Rowe Price Natural Resources Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Oil & Gas — 8.4%
Diamond Offshore Drilling, Inc.(a)	124,900	$	2,561,699
Helmerich & Payne, Inc.	27,800		776,454
Nabors Industries, Inc.*(a)	30,500		1,265,750
Premcor, Inc.*	49,100		1,276,600
Schlumberger Ltd.(a)	68,400		3,742,848
Seacor Smit, Inc.*	19,850		834,296
Tidewater, Inc.	38,600		1,153,368
Transocean, Inc.*(a)	116,600		2,799,566

			14,410,581

Paper & Forest Products — 4.6%
Bowater, Inc.(a)	51,700		2,394,227
International Paper Co.	12,400		534,564
Kimberly-Clark Corp.	18,200		1,075,438
Longview Fibre Co.*	40,300		497,705
MeadWestvaco Corp.	29,600		880,600
Potlatch Corp.	69,500		2,416,515

			7,799,049

Petroleum Exploration & Production — 11.0%
BG Group PLC (United Kingdom)	433,600		2,225,789
BJ Services Co.*	62,600		2,247,340
Canadian Natural Resources Ltd. (Canada)(a)	20,500		1,034,020
Cimarex Energy Co.*	11,973		319,559
ConocoPhillips	19,939		1,307,400
EOG Resources, Inc.	12,300		567,891
FMC Technologies, Inc.*	102,800		2,395,240
Noble Corp.*	48,000		1,717,440
Noble Energy, Inc.	13,100		582,033
Smith International, Inc.*	22,700		942,504
Ultra Petroleum Corp.*	74,600		1,836,652
Unocal Corp.	44,400		1,635,252
Westport Resources Corp.*	38,300		1,143,638
XTO Energy, Inc.(a)	27,966		791,438

			18,746,196

Precious Metals — 0.9%
Meridian Gold Inc*	109,000		1,592,490

Transportation — 0.4%
Norfolk Southern Corp.	31,600		747,340

Total Common Stock
(Cost $140,116,806)			164,685,941


	Moody’s Rating (Unaudited)	Par (000)		Value

*CORPORATE OBLIGATION — 0.8%*
Metals & Mining
Teck Cominco Ltd. 3.75%, 07/15/06[CVT](a)
(Cost $1,180,737)	Ba1	$	1,336	$	1,289,240

Total Long-Term Investments
(Cost $141,297,543)					165,975,181

*SHORT-TERM INVESTMENTS — 22.9%*
Commercial Paper — 5.2%
Cancarra AB 1.11%, 01/12/04(b)			2,780		2,778,045
Concord Minutemen Capital Co. 1.13%, 02/12/04(b)			68		68,015
Fairway Finance Corp. 1.10%, 01/12/04(b)			1,126		1,122,522



Greyhawk Funding LLC 1.091%, 01/06/04 (cost $619,906; purchased 12/03/03)(g)(h)	620	619,906
Lexington Parker Capital Co. 1.10%, 01/12/04(b)	1,021	1,018,640
Silver Tower U.S. Funding 1.13%, 02/02/04(b)	1,038	1,035,492
Tannehill Capital Co.
1.10%, 01/08/04(b)	2,180	2,174,289

		8,816,909

Corporate Obligations — 5.8%
General Electric Capital Corp.
1.13%, 01/02/04 [FRN](b)(c)	13	12,902
Goldman Sachs Group, Inc.
1.14%, 01/06/04 [FRN](b)(c)	2,055	2,055,192
Merrill Lynch & Co., Inc.
1.13%, 01/02/04(b)	175	174,517
1.13%, 01/02/04 [FRN](b)(c)	562	562,280
Morgan Stanley
1.03%, 01/02/04 [FRN](b)(c)	2,881	2,880,630
1.08%, 01/02/04 [FRN](b)(c)	721	720,987
Natexis Banques Populaires
1.10%, 01/02/04 [FRN](b)(c)	998	997,331
Westdeutsche Landesbank
1.13%, 01/09/04 [FRN](b)(c)	748	747,600
1.111%, 01/23/04 [FRN](b)(c)	1,849	1,848,404

		9,999,843

110

AST T. Rowe Price Natural Resources Portfolio

Schedule of Investments

December 31, 2003


	Shares		Value

Non-Registered Investment Company — 5.8%
BlackRock Institutional Money Market Trust(b)		9,874,323	$	9,874,323

Registered Investment Company — 5.2%
BlackRock Provident Institutional Funds TempCash Portfolio		8,928,021		8,928,021

	Par (000)

Repurchase Agreement — 0.4%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $727,196 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00%-6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $892,188) market value including accrued interest $748,984)(b)	$	727		727,155


	Par (000)		Value

Time Deposits — 0.5%
Chase Manhattan Bank
0.875%, 01/02/04(b)	$	430	$	430,018
UBS Bank
0.938%, 01/02/04(b)		430		430,334

				860,352

Total Short-Term Investments
(Cost $39,206,603)				39,206,603

Total Investments — 120.1%
(Cost $180,504,146; Note 5)				205,181,784
Liabilities in Excess of Other Assets — (20.1%)				(34,321,528	)

Net Assets — 100.0%			$	170,860,256

The following abbreviations are used in portfolio descriptions:

144A	Security was purchased pursuant to Rule 144A under the securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted 144A securities are deemed to be liquid.

ADR	American Depositary Receipt

CVT	Convertible Security

FRN	Floating Rate Note

REIT	Real Estate Investment Trust


symbol		description
*		Non-income producing security.

(a)		Portion of securities on loan with an aggregate market value of $28,343,578; cash collateral $29,658,676 was received with which the portfolio purchased securities.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

(g)		Indicates a security that has been deemed illiquid. The aggregate cost of the illiquid securities is $1,911,241. The aggregate value, $2,355,206 represents 1.38% of net assets.

(h)		Indicates a restricted security; the aggregate cost of the restricted security is $619,906. The aggregate value, $619,906 is approximately 0.36% of net assets.

(j)		Security available to institutional investors only.

See Notes to Financial Statements.

111

AST Alliance Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 99.8%*
*COMMON STOCK*
Broadcasting — 2.8%
Clear Channel Communications, Inc.	81,200	$	3,802,596
Liberty Media Corp. (Class “A” Stock)*	101,400		1,205,646
Scripps (E.W.) Co. (Class “A” Stock)	16,900		1,590,966

			6,599,208

Cable Television — 2.4%
Comcast Corp. (Special Class “A” Stock)*(a)	182,200		5,699,216

Computer Hardware — 3.5%
Dell, Inc.*	244,900		8,316,804

Computer Services & Software — 15.0%
Cisco Systems, Inc.*	366,000		8,890,140
Electronic Arts, Inc.*(a)	83,800		4,003,964
EMC Corp.*	240,000		3,100,800
Microsoft Corp.	507,200		13,968,288
Symantec Corp.*(a)	60,200		2,085,930
Veritas Software Corp.*(a)	95,800		3,559,928

			35,609,050

Consumer Products & Services — 2.8%
Avon Products, Inc.	49,900		3,367,751
Procter & Gamble Co.	33,300		3,326,004

			6,693,755

Electronic Components & Equipment — 4.3%
General Electric Co.	326,700		10,121,166

Entertainment & Leisure — 4.7%
Time Warner, Inc.*(a)	103,800		1,867,362
Viacom, Inc. (Class “B” Stock)	208,500		9,253,230

			11,120,592

Financial - Bank & Trust — 0.5%
Bank One Corp.	27,700		1,262,843

Financial Services — 14.1%
Citigroup, Inc.	215,300		10,450,662
Fannie Mae	41,200		3,092,472
Franklin Resources, Inc.	9,500		494,570
Goldman Sachs Group, Inc.	12,500		1,234,125
J.P. Morgan Chase & Co.	34,400		1,263,512
Lehman Brothers Holdings, Inc.	31,500		2,432,430
MBNA Corp.	286,500		7,119,525
Merrill Lynch & Co., Inc.	42,300		2,480,895
Morgan Stanley Dean Witter & Co.	82,100		4,751,127

			33,319,318

Healthcare Services — 2.4%
UnitedHealth Group, Inc.(a)	98,500		5,730,730


	Shares	Value

Insurance — 7.1%
ACE Ltd.	45,900	$	1,901,178
American International Group, Inc.	144,400		9,570,832
Progressive Corp. (The)	63,600		5,316,324

			16,788,334

Internet Services — 4.0%
eBay, Inc.*(a)	73,700		4,760,283
Yahoo!, Inc.*(a)	102,600		4,634,442

			9,394,725

Medical Supplies & Equipment — 6.9%
Alcon, Inc. (Switzerland)	17,900		1,083,666
Amgen, Inc.*	100,100		6,186,180
Boston Scientific Corp.*	55,000		2,021,800
Medtronic, Inc.	130,100		6,324,161
Zimmer Holdings, Inc.*	12,200		858,880

			16,474,687

Pharmaceuticals — 5.4%
Forest Laboratories, Inc.*	11,800		729,240
Gilead Sciences, Inc.*(a)	22,400		1,302,336
Pfizer, Inc.	303,800		10,733,254

			12,764,830

Retail & Merchandising — 10.9%
Bed Bath & Beyond, Inc.*	50,500		2,189,175
Family Dollar Stores, Inc.	9,500		340,860
Kohl’s Corp.*	24,200		1,087,548
Lowe’s Companies, Inc.	115,200		6,380,928
Target Corp.	93,600		3,594,240
Wal-Mart Stores, Inc.	169,300		8,981,365
Walgreen Co.(a)	90,500		3,292,390

			25,866,506

Semiconductors — 12.0%
Applied Materials, Inc.*(a)	182,000		4,085,900
Broadcom Corp. (Class “A” Stock)*(a)	54,100		1,844,269
Intel Corp.	351,300		11,311,860
Marvell Technology Group Ltd.*	54,700		2,074,771
Maxim Integrated Products, Inc.	80,300		3,998,940
Taiwan Semiconductor Manufacturing Co. Ltd. [ADR]*	334,524		3,425,526
Texas Instruments, Inc.	59,500		1,748,110

			28,489,376

Telecommunications — 1.0%
Nokia Corp. (Class “A” Stock) [ADR](a)	138,500		2,354,500

Total Long-Term Investments
(Cost $209,817,330)			236,605,640

112

AST Alliance Growth Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value

*SHORT-TERM INVESTMENTS — 12.6%*
Commercial Paper — 4.3%
Cancara Asset Securitisation Ltd.
1.11%, 01/12/04(b)	$	3,435	$	3,431,739
General Electric Capital Corp.
1.11%, 02/05/04(b)		3,288		3,278,409
Monumental Global Funding
1.141%, 01/29/04 [FRN](b)(c)		116		116,780
Silver Tower U.S. Funding
1.13%, 02/02/04(b)		1,450		1,446,091
Tulip Funding Corp.
1.10%, 01/21/04(b)		1,907		1,905,278

				10,178,297

Corporate Obligations — 6.5%
American Express Centurian
1.118%, 01/22/04 [FRN](b)(c)		998		998,158
Bear Stearns Co., Inc.
1.12%, 01/02/04 [FRN](b)(c)		2,087		2,087,144
Goldman Sachs Group, Inc.
1.14%, 01/06/04 [FRN](b)(c)		4,656		4,656,366
Merrill Lynch & Co., Inc.
1.13%, 01/02/04 [FRN](b)(c)		1,032		1,031,715
1.13%, 01/02/04(b)		71		70,678
Morgan Stanley
1.08%, 01/02/04 [FRN](b)(c)		1,094		1,093,742
Natexis Banques Populaires
1.035%, 01/02/04 [FRN](b)(c)		3,061		3,061,003
Societe Generale
1.08%, 01/02/04 [FRN](b)(c)		1,294		1,293,996
Westdeutsche Landesbank
1.13%, 01/09/04 [FRN](b)(c)		1,203		1,202,385

				15,495,187


	Shares		Value

Non-Registered Investment Company — 1.0%
BlackRock Institutional Money Market Trust(b)(j)		2,300,125	$	2,300,125

	Par (000)
Repurchase Agreement — 0.1%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $294,509 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $361,330, market value including accrued interest $303,333)(b)	$	294		294,493

Time Deposits — 0.7%
Chase Manhattan Bank
0.875%, 01/02/04(b)		860		860,220
UBS Bank
0.938%, 01/02/04(b)		799		798,867

				1,659,087

Total Short-Term Investments
(Cost $29,927,189)				29,927,189

Total Investments — 112.4%
(Cost $239,744,519; Note 5)				266,532,829
Liabilities in Excess of Other Assets — (12.4%)				(29,476,995	)

Net Assets — 100.0%			$	237,055,834

113

AST Alliance Growth Portfolio

Schedule of Investments

December 31, 2003

The following abbreviations are used in portfolio descriptions:

ADR	American Depositary Receipt

FRN	Floating Rate Note


symbol		description
*		Non-income producing security.

(a)		Portion of securities on loan with an aggregate market value of $29,127,070; cash collateral $29,927,189 was received with which the portfolio purchased securities.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

(j)		Security available to institutional investors only.

See Notes to Financial Statements.

114

AST MFS Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 97.6%*
*COMMON STOCK*
Airlines — 1.2%
JetBlue Airways Corp.*	45,750	$	1,213,290
Southwest Airlines Co.	355,500		5,737,770

			6,951,060

Automobile Manufacturers — 0.3%
Bayerische Motoren Werke AG (Germany)	34,000		1,576,060

Beverages — 1.2%
Anheuser-Busch Companies, Inc.	28,600		1,506,648
PepsiCo, Inc.	119,500		5,571,090

			7,077,738

Broadcasting — 2.6%
Clear Channel Communications, Inc.	169,860		7,954,544
Liberty Media Corp. (Class “A” Stock)*	300,400		3,571,756
News Corp. Ltd. [ADR](a)	108,300		3,909,630

			15,435,930

Business Services — 1.5%
Accenture Ltd. (Class “A” Stock)*	114,800		3,021,536
First Data Corp.(a)	37,900		1,557,311
Fiserv, Inc.*	115,400		4,559,454

			9,138,301

Cable Television — 2.7%
Comcast Corp. (Class “A” Stock)*	225,552		7,413,894
EchoStar Communications Corp. (Class “A” Stock)*	246,300		8,374,200

			15,788,094

Chemicals — 0.5%
Air Products & Chemicals, Inc.	52,300		2,763,009

Clothing & Apparel — 1.8%
Coach, Inc.*	86,900		3,280,475
Nike, Inc. (Class “B” Stock)(a)	108,000		7,393,680

			10,674,155

Computer Hardware — 3.4%
Apple Computer, Inc.*	76,900		1,643,353
Dell, Inc.*	373,320		12,677,947
International Business Machines Corp.	65,300		6,052,004

			20,373,304

Computer Services & Software — 13.3%
Affiliated Computer Services, Inc. (Class “A” Stock)*(a)	69,800		3,801,308
Amdocs Ltd.*	91,800		2,063,664
Cadence Design Systems, Inc.*(a)	177,800		3,196,844
Cisco Systems, Inc.*	826,780		20,082,486
EMC Corp.*	116,300		1,502,596
Intuit, Inc.*(a)	60,500		3,201,055


	Shares	Value

Mercury Interactive Corp.*(a)	48,500	$	2,359,040
Microsoft Corp.	877,080		24,154,783
Oracle Corp.*	468,930		6,189,876
Symantec Corp.*(a)	231,300		8,014,545
Veritas Software Corp.*(a)	127,611		4,742,025

			79,308,222

Conglomerates — 4.3%
3M Co.	88,060		7,487,742
Altria Group, Inc.	55,400		3,014,868
Tyco International Ltd.(a)	564,700		14,964,550

			25,467,160

Consumer Products & Services — 5.0%
Avon Products, Inc.	68,600		4,629,814
Clorox Co.	50,400		2,447,424
Colgate-Palmolive Co.	101,000		5,055,050
Johnson & Johnson	254,958		13,171,130
Procter & Gamble Co.	45,400		4,534,552

			29,837,970

Electronic Components & Equipment — 2.6%
General Electric Co.	443,550		13,741,179
Rockwell Automation, Inc.	42,600		1,516,560
Zebra Technologies Corp. (Class “A” Stock)*	5,400		358,398

			15,616,137

Entertainment & Leisure — 5.1%
Carnival Corp.(a)	167,700		6,662,721
Harley-Davidson, Inc.(a)	76,300		3,626,539
International Game Technology(a)	61,000		2,177,700
Time Warner, Inc.*(a)	597,300		10,745,427
Viacom, Inc. (Class “B” Stock)	155,391		6,896,253

			30,108,640

Financial - Bank & Trust — 0.8%
Bank of New York Co., Inc.(a)	140,400		4,650,048

Financial Services — 8.1%
American Express Co.	178,909		8,628,781
Citigroup, Inc.(a)	218,945		10,627,590
Fannie Mae	95,100		7,138,206
MBNA Corp.	248,900		6,185,165
Merrill Lynch & Co., Inc.	26,200		1,536,630
Morgan Stanley	123,800		7,164,306
Schwab (Charles) Corp.	151,600		1,794,944
SLM Corp.	133,800		5,041,584

			48,117,206

Food — 0.1%
Sysco Corp.	15,900		591,957

Healthcare Services — 1.2%
Caremark Rx, Inc.*(a)	178,200		4,513,806
HCA, Inc.(a)	55,900		2,401,464

			6,915,270

115

AST MFS Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Hotels & Motels — 0.1%
Hilton Hotels Corp.	34,600	$	592,698

Industrial Products — 0.5%
Illinois Tool Works, Inc.(a)	36,200		3,037,542

Insurance — 2.1%
American International Group, Inc.	192,000		12,725,760

Internet Services — 2.6%
eBay, Inc.*(a)	115,500		7,460,145
InterActiveCorp.*(a)	196,700		6,674,031
Yahoo!, Inc.*(a)	34,800		1,571,916

			15,706,092

Machinery & Equipment — 1.0%
Danaher Corp.(a)	49,400		4,532,450
Eaton Corp.	14,100		1,522,518

			6,054,968

Medical Supplies & Equipment — 7.9%
Abbott Laboratories	125,300		5,838,980
Alcon, Inc. (Switzerland)	40,500		2,451,870
Amgen, Inc.*	81,600		5,042,880
Bard (C.R.), Inc.	44,700		3,631,875
Baxter International, Inc.	98,400		3,003,168
Biomet, Inc.(a)	120,300		4,380,123
Genzyme Corp.*(a)	108,700		5,363,258
Guidant Corp.	107,300		6,459,460
Invitrogen Corp.*(a)	21,800		1,526,000
Medtronic, Inc.	97,000		4,715,170
Zimmer Holdings, Inc.*	65,000		4,576,000

			46,988,784

Metals & Mining — 0.3%
BHP Billiton Ltd.	106,000		1,935,560

Oil & Gas — 0.7%
BJ Services Co.*	52,700		1,891,930
Smith International, Inc.*	49,900		2,071,848

			3,963,778

Personal Services — 1.0%
Apollo Group, Inc. (Class “A” Stock)*(a)	44,100		2,998,800
Career Education Corp.*	66,700		2,672,669

			5,671,469

Pharmaceuticals — 7.6%
Allergan, Inc.(a)	27,400		2,104,594
Cardinal Health, Inc.(a)	106,500		6,513,540
Forest Laboratories, Inc.*(a)	52,500		3,244,500
Genentech, Inc.*(a)	9,500		888,915
Gilead Sciences, Inc.*(a)	125,800		7,314,012
Pfizer, Inc.	486,002		17,170,451
Roche Holding AG (Switzerland)	17,200		1,734,950
Watson Pharmaceuticals, Inc.*(a)	31,200		1,435,200
Wyeth	109,600		4,652,520

			45,058,682


	Shares		Value

Restaurants — 0.3%
Outback Steakhouse, Inc.		35,000	$	1,547,350

Retail & Merchandising — 7.4%
Best Buy Co., Inc.(a)		59,300		3,097,832
CarMax, Inc.*		35,400		1,094,922
Home Depot, Inc.		86,000		3,052,140
Kohl’s Corp.*(a)		166,300		7,473,522
Lowe’s Companies, Inc.		37,800		2,093,742
Staples, Inc.*		107,600		2,937,480
Target Corp.		268,900		10,325,760
TJX Companies, Inc.(a)		140,300		3,093,615
Wal-Mart Stores, Inc.		115,500		6,127,275
Walgreen Co.(a)		118,800		4,321,944

				43,618,232

Semiconductors — 6.9%
Analog Devices, Inc.		148,700		6,788,155
Intel Corp.		458,100		14,750,820
Marvell Technology Group Ltd.*		62,000		2,351,660
Microchip Technology, Inc.		91,700		3,059,112
Novellus Systems, Inc.*		37,000		1,555,850
Taiwan Semiconductor Manufacturing Co. Ltd. [ADR]*(a)		301,780		3,090,227
Texas Instruments, Inc.		211,100		6,202,118
Xilinx, Inc.*(a)		79,500		3,079,830

				40,877,772

Telecommunications — 2.9%
AT&T Wireless Services, Inc.*(a)		295,000		2,357,050
Corning, Inc.*		236,500		2,466,695
Nextel Communications, Inc. (Class “A” Stock)*(a)		156,200		4,382,972
NTL, Inc.*		36,400		2,538,900
Qualcomm, Inc.		47,700		2,572,461
Vodafone Group PLC (United Kingdom)		1,270,200		3,149,294

				17,467,372

Transportation — 0.6%
FedEx Corp.(a)		51,600		3,483,000

Total Common Stock
(Cost $540,664,233)				579,119,320

	Units
Rights*
Seagate Technology, Inc.
(Cost $0)		15,300		0

Total Long-Term Investments
(Cost $540,664,233)				579,119,320

	Par (000)
*SHORT-TERM INVESTMENTS — 17.2%*
Commercial Paper — 5.7%
Amsterdam Funding Corp.
1.10%, 01/05/04(b)	$	131		130,400
Cancara Asset Securitisation Ltd.
1.11%, 01/12/04(b)		8,634		8,626,300

116

AST MFS Growth Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value

Concord Minutemen Capital Co.
1.11%, 01/09/04(b)	$	3,446	$	3,437,258
1.13%, 02/09/04(b)		2,323		2,316,599
Crown Point Capital Co.
1.11%, 01/16/04(b)		6,976		6,958,513
Fairway Finance Corp.
1.10%, 01/12/04(b)		1,290		1,286,623
General Electric Capital Corp.
1.11%, 02/05/04(b)		428		426,513
Lexington Parker Capital Co.
1.10%, 01/12/04(b)		1,472		1,469,014
Monumental Global Funding
1.141%, 01/29/04 [FRN](b)(c)		3,792		3,801,603
Silver Tower U.S. Funding
1.13%, 02/02/04(b)		3,795		3,784,593
Tannehill Capital Co.
1.11%, 01/13/04(b)		993		990,666
Tulip Funding Corp.
1.10%, 01/21/04(b)		297		296,970

				33,525,052

Corporate Obligations — 7.9%
American Express Centurian
1.118%, 01/22/04 [FRN](b)(c)		34		34,205
1.131%, 01/29/04 [FRN](b)(c)		1,143		1,142,734
Bear Stearns Co., Inc.
1.12%, 01/02/04 [FRN](b)(c)		13,732		13,732,704
Canadian Imperial Bank of Commerce
1.111%, 01/29/04 [FRN](b)(c)		299		299,296
Goldman Sachs Group, Inc.
1.14%, 01/06/04 [FRN](b)(c)		5,542		5,541,886
Merrill Lynch & Co., Inc.
1.13%, 01/02/04(b)		415		414,511
1.13%, 01/02/04 [FRN](b)(c)		3,438		3,437,176
Morgan Stanley
1.03%, 01/02/04 [FRN](b)(c)		3,927		3,926,763
1.08%, 01/02/04 [FRN](b)(c)		638		638,466
Natexis Banques Populaires
1.035%, 01/02/04 [FRN](b)(c)		2,202		2,202,042
1.10%, 01/02/04 [FRN](b)(c)		8,722		8,719,827
Societe Generale
1.08%, 01/02/04 [FRN](b)(c)		4,081		4,080,421
Westdeutsche Landesbank
1.13%, 01/09/04 [FRN](b)(c)		2,986		2,985,559
1.111%, 01/23/04 [FRN](b)(c)		75		74,935

				47,230,525


	Shares		Value

Non-Registered Investment Company — 2.6%
BlackRock Institutional Money Market Trust(b)(j)		15,591,600	$	15,591,600

	Par (000)
Repurchase Agreement — 0.3%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $1,727,223 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $2,119,111, market value including accrued interest $1,778,973)(b)	$	1,727		1,727,127

Time Deposits — 0.7%
Chase Manhattan Bank
0.875%, 01/02/04(b)		2,408		2,407,630
UBS Bank
0.938%, 01/02/04(b)		1,651		1,651,413

				4,059,043

Total Short-Term Investments
(Cost $102,133,347)				102,133,347

Total Investments — 114.8%
(Cost $642,797,580; Note 5)				681,252,667
Liabilities in Excess of Other Assets — (14.8%)				(87,945,635	)

Net Assets — 100.0%			$	593,307,032

117

AST MFS Growth Portfolio

Schedule of Investments

December 31, 2003

The following abbreviations are used in portfolio descriptions:

ADR	American Depositary Receipt

FRN	Floating Rate Note


symbol		description
*		Non-income producing security.

(a)		Portion of securities on loan with an aggregate market value of $99,035,560; cash collateral $102,133,347 was received with which the portfolio purchased securities.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

(j)		Security available to institutional investors only.

See Notes to Financial Statements.

118

AST Marsico Capital Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 93.9%*
*COMMON STOCK*
Aerospace — 1.3%
Lockheed Martin Corp.(a)	420,219	$	21,599,257

Airlines — 1.4%
Ryanair Holdings PLC [ADR]*(a)	464,750		23,534,940

Automobile Manufacturers — 1.1%
Bayerische Motoren Werke AG (Germany)	403,887		18,722,058

Beverages — 0.6%
Anheuser-Busch Companies, Inc.	205,563		10,829,059

Clothing & Apparel — 0.6%
Nike, Inc. (Class “B” Stock)	140,244		9,601,104

Computer Hardware — 2.8%
Dell, Inc.*(a)	1,435,303		48,742,890

Computer Services & Software — 9.0%
Cisco Systems, Inc.*	3,043,875		73,935,723
Electronic Arts, Inc.*(a)	1,086,118		51,894,718
EMC Corp.*(a)	2,151,556		27,798,104

			153,628,545

Conglomerates — 1.9%
Honeywell International, Inc.	745,737		24,929,988
Tyco International Ltd.	268,980		7,127,970

			32,057,958

Construction — 3.3%
Lennar Corp. (Class “A” Stock)(a)	331,684		31,841,664
Lennar Corp. (Class “B” Stock)	31,625		2,890,525
MDC Holdings, Inc.(a)	348,381		22,470,575

			57,202,764

Consumer Products & Services — 2.3%
Procter & Gamble Co.	387,294		38,682,925

Electronic Components & Equipment — 2.1%
General Electric Co.	1,134,203		35,137,609

Entertainment & Leisure — 2.9%
Disney (Walt) Co.	279,826		6,528,341
Harley-Davidson, Inc.(a)	110,370		5,245,886
Wynn Resorts Ltd.*(a)	1,356,552		37,997,021

			49,771,248

Financial Services — 15.4%
Citigroup, Inc.	1,689,164		81,992,020
Countrywide Financial Corp.(a)	244,832		18,570,507
Fannie Mae	538,661		40,431,895
Merrill Lynch & Co., Inc.(a)	883,059		51,791,410
SLM Corp.	1,870,288		70,472,452

			263,258,284


	Shares		Value

Healthcare Services — 9.0%
Caremark Rx, Inc.*(a)		1,817,203	$	46,029,752
Quest Diagnostics, Inc.(a)		304,040		22,228,364
UnitedHealth Group, Inc.(a)		1,477,462		85,958,740

				154,216,856

Hotels & Motels — 1.6%
Four Seasons Hotels, Inc. (Canada)(a)		545,714		27,913,271

Machinery & Equipment — 4.0%
Caterpillar, Inc.(a)		833,040		69,158,981

Medical Supplies & Equipment — 7.8%
Amgen, Inc.*		531,524		32,848,183
Boston Scientific Corp.*		1,651,198		60,698,038
Zimmer Holdings, Inc.*(a)		564,877		39,767,341

				133,313,562

Pharmaceuticals — 6.4%
Genentech, Inc.*(a)		885,305		82,837,989
Lilly (Eli) & Co.		384,816		27,064,109

				109,902,098

Retail & Merchandising — 4.9%
Lowe’s Companies, Inc.		534,586		29,610,719
Tiffany & Co.(a)		1,200,729		54,272,950

				83,883,669

Semiconductors — 8.1%
Intel Corp.		3,168,503		102,025,796
Maxim Integrated Products, Inc.		745,682		37,134,964

				139,160,760

Telecommunications — 4.7%
Nextel Communications, Inc. (Class “A” Stock)*(a)		1,282,264		35,980,328
Qualcomm, Inc.		809,221		43,641,288

				79,621,616

Transportation — 2.7%
FedEx Corp.		689,827		46,563,323

Total Long-Term Investments
(Cost $1,222,323,262)				1,606,502,777

	Par (000)
*SHORT-TERM INVESTMENTS — 28.2%*
Certificate of Deposit — 0.4%
Svenska Handelsbank, Inc.
1.39%, 10/27/04(b)	$	6,269		6,268,141

Commercial Paper — 2.5%
Amsterdam Funding Corp.
1.10%, 01/05/04(b)		4,444		4,439,753

119

AST Marsico Capital Growth Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value

Cancara Asset Securitisation Ltd.
1.11%, 01/12/04(b)	$	2,251	$	2,249,089
Concord Minutemen Capital Co.
1.11%, 01/12/04(b)		1,410		1,407,832
1.13%, 02/09/04(b)		3,329		3,320,145
1.13%, 02/12/04(b)		2,897		2,888,735
Fairway Finance Corp.
1.10%, 01/12/04(b)		10,318		10,288,586
Lexington Parker Capital Co.
1.10%, 01/12/04(b)		9,370		9,352,256
Monumental Global Funding
1.141%, 01/29/04 [FRN](b)(c)		7,657		7,676,080
Tulip Funding Corp.
1.10%, 01/21/04(b)		1,356		1,354,302

				42,976,778

Corporate Obligations — 12.3%
American Express Centurian
1.118%, 01/22/04 [FRN](b)(c)		6,334		6,334,106
1.144%, 01/22/04 [FRN](b)(c)		13,710		13,710,069
1.131%, 01/29/04 [FRN](b)(c)		13,601		13,601,195
Bear Stearns Co., Inc.
1.12%, 01/02/04 [FRN](b)(c)		33,584		33,584,396
1.12%, 01/02/04 [FRN](b)(c)		10,294		10,294,402
Canadian Imperial Bank of Commerce
1.111%, 01/29/04 [FRN](b)(c)		644		644,358
Goldman Sachs Group, Inc.
1.14%, 01/06/04 [FRN](b)(c)		17,027		17,026,778
Merrill Lynch & Co., Inc.
1.13%, 01/02/04 [FRN](b)(c)		40,497		40,497,183
1.13%, 01/02/04(b)		2,856		2,856,231
Morgan Stanley
1.03%, 01/02/04 [FRN](b)(c)		1,943		1,943,307
1.08%, 01/02/04 [FRN](b)(c)		5,874		5,873,631
Natexis Banques Populaires
1.035%, 01/02/04 [FRN](b)(c)		290		289,693
1.10%, 01/02/04 [FRN](b)(c)		40,366		40,355,335
Societe Generale
1.08%, 01/02/04 [FRN](b)(c)		19,968		19,963,841
Westdeutsche Landesbank
1.13%, 01/09/04 [FRN](b)(c)		4,596		4,595,046

				211,569,571

	Shares
Non-Registered Investment Company — 5.7%
BlackRock Institutional Money Market Trust(b)(j)		97,344,054		97,344,054


	Shares		Value

Registered Investment Companies — 0.0%
BlackRock Provident Institutional Funds TempCash Portfolio		13,534	$	13,534
BlackRock Provident Institutional Funds TempFund Portfolio		13,534		13,534

				27,068

	Par (000)
Repurchase Agreement — 0.7%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $11,901,623 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $14,601,967, market value including accrued interest $12,258,213)(b)	$	11,901		11,900,962

Time Deposits — 0.9%
Chase Manhattan Bank
0.875%, 01/02/04(b)		9,159		9,159,368
UBS Bank
0.938%, 01/02/04(b)		5,425		5,425,398

				14,584,766

U.S. Government Agency Obligations — 5.7%
Federal Home Loan Banks
0.60%, 01/02/04(n)		50,000		49,999,167
0.60%, 01/02/04(n)		48,300		48,299,195

				98,298,362

Total Short-Term Investments
(Cost $482,969,702)				482,969,702

Total Investments — 122.1%
(Cost $1,705,292,964; Note 5)				2,089,472,479
Liabilities in Excess of Other Assets — (22.1%)				(378,891,105	)

Net Assets — 100.0%			$	1,710,581,374

120

AST Marsico Capital Growth Portfolio

Schedule of Investments

December 31, 2003

Foreign currency exchange contracts outstanding at December 31, 2003:


Settlement Month	Sale Contracts	Contracts to Deliver	In Exchange For		Contracts at Value		Unrealized Depreciation

03/04	Sell EUR	14,026,200	$	17,327,046	$	17,595,019	$	(267,973	)

The following abbreviations are used in portfolio descriptions:

ADR	American Depositary Receipt

EUR	Euro Dollar

FRN	Floating Rate Note


symbol		description
*		Non-income producing security.

(a)		Portion of securities on loan with an aggregate market value of $371,136,740; cash collateral $384,644,273 was received with which the portfolio purchased securities.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

(j)		Security available to institutional investors only.

(n)		Rates shown are the effective yields at purchase date.

See Notes to Financial Statements.

121

AST Goldman Sachs Concentrated Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 99.4%*
*COMMON STOCK*
Beverages — 4.3%
PepsiCo, Inc.	1,067,400	$	49,762,188

Broadcasting — 16.9%
Clear Channel Communications, Inc.	1,104,600		51,728,417
Entravision Communications Corp. (Class “A” Stock)*	781,200		8,671,320
Liberty Media Corp. (Class “A” Stock)*(a)	2,732,210		32,485,977
Scripps, (E.W.) Co. (Class “A” Stock)	114,404		10,769,993
Univision Communications, Inc. (Class “A” Stock)*(a)	1,883,000		74,736,269
Westwood One, Inc.*(a)	472,700		16,171,067

			194,563,043

Business Services — 4.3%
First Data Corp.(a)	1,212,800		49,833,952

Cable Television — 7.0%
Cablevision Systems New York Group (Class “A” Stock)*(a)	2,091,609		48,922,735
EchoStar Communications Corp. (Class “A” Stock)*	931,625		31,675,250

			80,597,985

Computer Hardware — 3.2%
Dell, Inc.*(a)	1,079,600		36,663,216

Computer Services & Software — 9.0%
Cisco Systems, Inc.*	1,542,400		37,464,896
Intuit, Inc.*(a)	211,026		11,165,386
Microsoft Corp.	1,997,394		55,008,230

			103,638,512

Conglomerates — 4.9%
Cendant Corp.*(a)	2,536,215		56,481,508

Entertainment & Leisure — 12.8%
Harrah’s Entertainment, Inc.	838,800		41,747,076
Metro-Goldwyn-Mayer, Inc.*(a)	640,303		10,942,778
Time Warner, Inc.*(a)	1,002,424		18,033,608
Viacom, Inc. (Class “B” Stock)	1,715,350		76,127,233

			146,850,695

Financial Services — 12.2%
Fannie Mae	580,216		43,551,013
Freddie Mac	738,700		43,080,984
Moody’s Corp.	194,858		11,798,652
Schwab (Charles) Corp.	3,534,500		41,848,480

			140,279,129

Food — 1.7%
Wrigley (Wm., Jr.) Co.	356,300		20,027,623


	Shares		Value

Healthcare Services — 0.2%
Caremark Rx, Inc.*(a)		90,000	$	2,279,700

Hotels & Motels — 0.6%
Starwood Hotels & Resorts Worldwide, Inc.		198,773		7,149,865

Internet Services — 2.0%
eBay, Inc.*(a)		140,020		9,043,892
Sabre Holdings Corp.		656,450		14,172,755

				23,216,647

Pharmaceuticals — 7.7%
Lilly (Eli) & Co.		258,160		18,156,393
Pfizer, Inc.		1,142,200		40,353,926
Wyeth		711,300		30,194,685

				88,705,004

Printing & Publishing — 1.5%
McGraw-Hill Companies, Inc.		248,305		17,361,486

Retail & Merchandising — 2.8%
Dollar Tree Stores, Inc.*		170,275		5,118,467
Family Dollar Stores, Inc.		591,700		21,230,196
Wal-Mart Stores, Inc.		120,000		6,366,000

				32,714,663

Semiconductors — 4.5%
Intel Corp.(a)		1,149,200		37,004,240
Texas Instruments, Inc.		497,600		14,619,488

				51,623,728

Telecommunications — 3.8%
Crown Castle International Corp.*(a)		502,130		5,538,494
Qualcomm, Inc.(a)		703,890		37,960,788

				43,499,282

Total Long-Term Investments
(Cost $996,850,801)				1,145,248,226

	Par (000)
*SHORT-TERM INVESTMENTS — 17.8%*
Commercial Paper — 6.2%
Cancara Asset Securitisation Ltd.
1.11%, 01/12/04(b)	$	10,153		10,144,265
Crown Point Capital Co.
1.11%, 01/16/04(b)		449		448,093
General Electric Capital Corp.
1.11%, 02/05/04(b)		12,927		12,891,317
Monumental Global Funding
1.141%, 01/29/04 [FRN](b)(c)		6,360		6,375,512
Silver Tower U.S. Funding
1.13%, 02/02/04(b)		3,347		3,337,431
Tannehill Capital Co.
1.11%, 01/13/04(b)		32,661		32,600,816

122

AST Goldman Sachs Concentrated Growth Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value

Tulip Funding Corp.
1.10%, 01/21/04(b)	$	4,453	$	4,449,370

				70,246,804

Corporate Obligations — 6.1%
Bear Stearns Co., Inc.
1.12%, 01/02/04 [FRN](b)(c)		16,414		16,413,416
Canadian Imperial Bank of Commerce
1.111%, 01/29/04 [FRN](b)(c)		1,765		1,764,536
Merrill Lynch & Co., Inc.
1.13%, 01/02/04 [FRN](b)(c)		9,512		9,512,500
1.13%, 01/02/04(b)		1,396		1,395,879
Morgan Stanley
1.08%, 01/02/04 [FRN](b)(c)		4,609		4,609,383
Natexis Banques Populaires
1.035%, 01/02/04 [FRN](b)(c)		20,887		20,887,052
1.10%, 01/02/04 [FRN](b)(c)		9,940		9,937,386
Westdeutsche Landesbank
1.13%, 01/09/04 [FRN](b)(c)		3,025		3,025,064
1.111%, 01/23/04 [FRN](b)(c)		2,385		2,384,305

				69,929,521

	Shares
Non-Registered Investment Company — 4.1%
BlackRock Institutional Money Market Trust(b)(j)		47,644,968		47,644,968


	Par (000)		Value
Repurchase Agreement — 0.5%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $5,816,485 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $7,136,180, market value including accrued interest $5,990,756)(b)	$	5,816	$	5,816,162

Time Deposits — 0.9%
Chase Manhattan Bank
0.875%, 01/02/04(b)		3,783		3,782,949
UBS Bank
0.938%, 01/02/04(b)		6,968		6,968,185

				10,751,134

Total Short-Term Investments
(Cost $204,388,589)				204,388,589

Total Investments — 117.2%
(Cost $1,201,239,390; Note 5)				1,349,636,815
Liabilities in Excess of Other Assets — (17.2%)				(198,437,158	)

Net Assets — 100.0%			$	1,151,199,657


The following abbreviation is used in portfolio descriptions:

FRN		Floating Rate Note
symbol		description
*		Non-income producing security.

(a)		Portion of securities on loan with an aggregate market value of $198,291,158; cash collateral $204,388,590 was received with which the portfolio purchased securities.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be deemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

(j)		Security available to institutional investors only.

See Notes to Financial Statements.

123

AST DeAM Large-Cap Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value


*LONG-TERM INVESTMENTS — 91.9%*
*COMMON STOCK — 91.7%*
Advertising — 0.3%
Omnicom Group, Inc.	3,600	$	314,388

Aerospace — 1.8%
Boeing Co.	21,700		914,438
United Defense Industries, Inc.*	10,200		325,176
United Technologies Corp.	5,300		502,281

			1,741,895

Automotive Parts — 1.3%
Advance Auto Parts, Inc.*	5,000		407,000
Autoliv, Inc.	21,700		817,005

			1,224,005

Beverages — 4.8%
Anheuser-Busch Companies, Inc.	38,800		2,043,984
Coca-Cola Co.	13,400		680,050
PepsiCo, Inc.	41,100		1,916,082

			4,640,116

Broadcasting — 0.3%
Clear Channel Communications, Inc.	7,100		332,493

Business Services — 0.8%
Alliance Data Systems Corp.*	2,900		80,272
Convergys Corp.*	18,600		324,756
D&B Corp.*	2,800		141,988
Total System Services, Inc.(a)	4,200		130,746
Viad Corp.	3,500		87,500

			765,262

Cable Television — 1.3%
Comcast Corp. (Class “A” Stock)*	15,500		509,485
Cox Communications, Inc. (Class “A” Stock)*(a)	1,200		41,340
Hughes Electronics Corp.*	44,535		737,054

			1,287,879

Clothing & Apparel — 1.1%
Coach, Inc.*	5,600		211,400
NIKE, Inc. (Class “B” Stock)(a)	13,000		889,980

			1,101,380

Computer Hardware — 2.7%
Dell, Inc.*(a)	11,800		400,728
International Business Machines Corp.(a)	18,000		1,668,240
SanDisk Corp.*(a)	10,000		611,400

			2,680,368

Computer Services & Software — 9.0%
BMC Software, Inc.*(a)	54,500		1,016,425
Cisco Systems, Inc.*(a)	86,100		2,091,369
EMC Corp.*(a)	53,400		689,928


	Shares	Value

Microsoft Corp.	157,400	$	4,334,796
Oracle Corp.*	32,800		432,960
Veritas Software Corp.*	6,900		256,404

			8,821,882

Conglomerates — 2.6%
3M Co.(a)	29,500		2,508,385

Construction
NVR, Inc.*	100		46,600

Consumer Products & Services — 3.9%
Johnson & Johnson	34,900		1,802,934
Procter & Gamble Co.	18,800		1,877,744
Whirlpool Corp.(a)	1,900		138,035

			3,818,713

Containers & Packaging — 0.2%
Sealed Air Corp.*	4,200		227,388

Electronic Components & Equipment — 4.3%
General Electric Co.(a)	126,200		3,909,676
Sanmina-SCI Corp.*	22,300		281,203

			4,190,879

Entertainment & Leisure — 0.4%
Marvel Enterprises, Inc.*(a)	12,300		358,053

Financial - Bank & Trust — 0.5%
New York Community Bancorp, Inc.(a)	12,766		485,746

Financial Services — 3.9%
American Express Co.(a)	22,000		1,061,060
Fannie Mae(a)	6,400		480,384
Lehman Brothers Holdings, Inc.	4,100		316,602
MBNA Corp.	17,000		422,450
Moody’s Corp.	4,900		296,695
Schwab (Charles) Corp.	17,200		203,648
SLM Corp.	27,300		1,028,664

			3,809,503

Food — 1.1%
Sysco Corp.	27,600		1,027,548

Healthcare Services — 4.7%
Coventry Health Care, Inc.*	4,500		290,205
DaVita, Inc.*	6,100		237,900
First Health Group Corp.*	50,000		973,000
Health Net, Inc.*(a)	10,800		353,160
IMS Health, Inc.(a)	4,900		121,814
Manor Care, Inc.	12,400		428,668
UnitedHealth Group, Inc.(a)	37,200		2,164,296

			4,569,043

Industrial Products — 0.5%
Donaldson Co., Inc.	8,200		485,112

124

AST DeAM Large-Cap Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Insurance — 2.2%
American International Group, Inc.	5,000	$	331,400
Berkley (W.R) Corp.	34,650		1,211,018
The Progressive Corp.	7,400		618,566

			2,160,984

Internet Services — 2.4%
Amazon.com, Inc.*(a)	400		21,056
eBay, Inc.*(a)	9,800		632,982
InterActiveCorp.*(a)	33,300		1,129,869
Yahoo!, Inc.*(a)	12,800		578,176

			2,362,083

Medical Supplies & Equipment — 7.1%
Abbott Laboratories	25,500		1,188,300
Amgen, Inc.*	40,700		2,515,260
Charles River Laboratories International, Inc.*	4,700		161,351
Guidant Corp.	20,500		1,234,100
IDEXX Laboratories, Inc.*	26,000		1,203,280
Respironics, Inc.*	9,200		414,828
St. Jude Medical, Inc.*	3,300		202,455

			6,919,574

Office Equipment — 0.5%
Hon Industries, Inc.	1,400		60,648
Xerox Corp.*(a)	27,700		382,260

			442,908

Oil & Gas — 1.9%
Chesapeake Energy Corp.(a)	46,900		636,902
EOG Resources, Inc.	8,300		383,211
Newfield Exploration Co.*	14,400		641,376
XTO Energy, Inc.(a)	5,600		158,480

			1,819,969

Personal Services — 0.4%
University of Phoenix Online*	6,000		413,580

Pharmaceuticals — 8.9%
Endo Pharmaceuticals Holdings, Inc.*	26,400		508,464
Genentech, Inc.*(a)	11,700		1,094,769
Gilead Sciences, Inc.*	19,200		1,116,288
Merck & Co., Inc.	35,300		1,630,860
Mylan Laboratories, Inc.	46,050		1,163,223
Pfizer, Inc.	87,100		3,077,243
Watson Pharmaceuticals, Inc.*(a)	3,300		151,800

			8,742,647

Printing & Publishing — 1.4%
McGraw-Hill Companies, Inc.	19,600		1,370,432

Restaurants — 1.9%
Brinker International, Inc.*	17,300		573,668
CBRL Group, Inc.	12,300		470,598
Starbucks Corp.*(a)	24,600		813,276

			1,857,542


	Shares		Value

Retail & Merchandising — 6.7%
Blockbuster, Inc. (Class “A” Stock)(a)		16,600	$	297,970
Chico’s FAS, Inc.*(a)		27,900		1,030,905
Claire’s Stores, Inc.		55,200		1,039,968
Home Depot, Inc.(a)		10,900		386,841
Lowe’s Companies, Inc.		17,200		952,708
RadioShack Corp.(a)		12,600		386,568
Staples, Inc.*		26,800		731,640
Talbots, Inc. (The)		6,900		212,382
TJX Companies, Inc.(a)		6,300		138,915
Wal-Mart Stores, Inc.		25,000		1,326,250

				6,504,147

Semiconductors — 8.9%
Cree, Inc.*(a)		19,200		339,648
Intel Corp.		135,600		4,366,320
International Rectifier Corp.*		13,500		667,035
MEMC Electronic Materials, Inc.*		39,200		377,104
Silicon Laboratories, Inc.*		10,800		466,776
Texas Instruments, Inc.		55,500		1,630,590
Xilinx, Inc.*(a)		21,300		825,162

				8,672,635

Telecommunications — 3.3%
AT&T Wireless Services, Inc.*		87,400		698,326
Foundry Networks, Inc.*		7,300		199,728
Nextel Communications, Inc. (Class “A” Stock)*(a)		30,500		855,830
UK, Inc.		27,100		1,461,503

				3,215,387

Transportation — 0.6%
FedEx Corp.(a)		3,500		236,250
Swift Transportation Co., Inc.*		10,800		227,016
Werner Enterprises, Inc.		4,325		84,294

				547,560

Total Common Stock
(Cost $80,643,638)				89,466,086

*PREFERRED STOCK — 0.2%*
Broadcasting
News Corp. Ltd. [ADR]
(Cost $144,947)		4,981		150,675

Total Long-Term Investments
(Cost $80,788,585)				89,616,761

	Par (000)
*SHORT-TERM INVESTMENTS — 18.5%*
Commercial Paper — 4.8%
Cancara Asset Securitisation Ltd.
1.11%, 01/12/04(b)	$	618		617,605
Concord Minutemen Capital Co.
1.13%, 02/09/04(b)		162		161,277

125

AST DeAM Large-Cap Growth Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value

Crown Point Capital Co.
1.11%, 01/16/04(b)	$	14	$	13,700
General Electric Capital Corp.
1.11%, 02/05/04(b)		2,247		2,240,911
Monumental Global Funding
1.141%, 01/29/04 [FRN](b)(c)		1,649		1,653,469

				4,686,962

Corporate Obligations — 10.0%
Bear Stearns Co., Inc.
1.12%, 01/02/04 [FRN](b)(c)		855		854,875
Canadian Imperial Bank of Commerce
1.111%, 01/29/04 [FRN](b)(c)		235		235,303
General Electric Capital Corp.
1.13%, 01/02/04 [FRN](b)(c)		224		224,627
Goldman Sachs Group, Inc.
1.14%, 01/06/04 [FRN](b)(c)		446		445,938
Merrill Lynch & Co., Inc.
1.13%, 01/02/04 [FRN](b)(c)		2,195		2,195,734
1.13%, 01/02/04(b)		62		62,145
Morgan Stanley
1.03%, 01/02/04 [FRN](b)(c)		605		605,410
1.08%, 01/02/04 [FRN](b)(c)		2,657		2,657,400
Natexis Banques Populaires
1.035%, 01/02/04 [FRN](b)(c)		1,009		1,009,446
1.10%, 01/02/04 [FRN](b)(c)		656		656,068
Westdeutsche Landesbank
1.13%, 01/09/04 [FRN](b)(c)		908		908,379

				9,855,325

	Shares
Non-Registered Investment Company — 2.1%
BlackRock Institutional Money Market Trust(b)(j)		2,018,107		2,018,107


	Par (000)		Value
Repurchase Agreement — 0.3%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $258,951 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $317,704, market value including accrued interest $266,709)(b)	$	259	$	258,937

Time Deposits — 0.8%
Chase Manhattan Bank
0.875%, 01/02/04(b)		251		251,345
UBS Bank
0.938%, 01/02/04(b)		497		497,153

				748,498

U.S. Treasury Obligations — 0.5%
U.S. Treasury Bills
0.82%, 01/29/04(k)(n)		50		49,968
0.84%, 01/29/04(k)(n)		45		44,970
0.87%, 01/29/04(k)(n)		50		49,966
0.89%, 01/29/04(k)(n)		10		9,993
0.93%, 01/29/04(k)(n)		300		299,781

				454,678

Total Short-Term Investments
(Cost $18,022,510)				18,022,507

Total Investments — 110.4%
(Cost $98,811,095; Note 5)				107,639,268
Liabilities in Excess of Other Assets — (10.4%)				(10,168,711	)

Net Assets — 100.0%			$	97,470,557

126

AST DeAM Large-Cap Growth Portfolio

Schedule of Investments

December 31, 2003

The following abbreviations are used in portfolio descriptions:

ADR	American Depositary Receipt

FRN	Floating Rate Note


symbol		description
*		Non-income producing security.

(a)		Portion of securities on loan with an aggregate market value of $17,070,056; cash collateral $17,567,829 was received with which the portfolio purchased securities.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

(j)		Security available to institutional investors only.

(k)	Securities with an aggregate market value of $439,688 have been segregated with the custodian to cover margin requirements for the following open futures contracts at December 31, 2003:


Description	Expiration Month	Number of Contracts	Contracts at Trade Date Value		Contracts at Current Value		Unrealized Appreciation

Long Positions:
S&P 500	03/04	28	$	7,590,638	$	7,774,200	$	183,562

(n)	Rates shown are the effective yields at purchase date.

See Notes to Financial Statements.

127

AST DeAM Large-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 92.5%*
*COMMON STOCK — 92.3%*
Aerospace — 1.2%
Goodrich Corp.	41,400	$	1,229,166
Lockheed Martin Corp.	6,100		313,540

			1,542,706

Automotive Parts — 2.1%
American Axle & Manufacturing Holdings, Inc.*(a)	28,100		1,135,802
Autoliv, Inc.	23,800		896,070
Delphi Corp.	79,000		806,590

			2,838,462

Beverages — 1.6%
PepsiAmericas, Inc.	6,600		112,992
PepsiCo, Inc.	42,700		1,990,674

			2,103,666

Cable Television — 3.9%
Comcast Corp. (Class “A” Stock)*	71,300		2,343,631
Cox Communications, Inc. (Class “A” Stock)*(a)	49,500		1,705,275
Hughes Electronics Corp.*	73,101		1,209,822

			5,258,728

Chemicals — 2.7%
Dow Chemical Co.	8,100		336,717
Engelhard Corp.	56,900		1,704,155
Monsanto Co.	52,900		1,522,462

			3,563,334

Computer Hardware — 2.5%
Hewlett-Packard Co.	27,200		624,784
International Business Machines Corp.	29,800		2,761,864

			3,386,648

Conglomerates — 1.2%
Altria Group, Inc.(a)	12,800		696,576
Honeywell International, Inc.	27,500		919,325

			1,615,901

Construction — 0.6%
MDC Holdings, Inc.	4,800		309,600
The Ryland Group, Inc.	3,100		274,784
Toll Brothers, Inc.*(a)	7,000		278,320

			862,704

Consumer Products & Services — 3.1%
Clorox Co.	3,500		169,960
Gillette Co.	12,300		451,779
Hasbro, Inc.	38,900		827,792
Procter & Gamble Co.	12,000		1,198,560
Whirlpool Corp.(a)	21,500		1,561,975

			4,210,066


	Shares	Value

Containers & Packaging — 0.2%
Owens-Illinois, Inc.*	26,500	$	315,085

Electronic Components & Equipment — 2.1%
Avnet, Inc.*	12,300		266,418
Eastman Kodak Co.(a)	73,000		1,873,910
Sanmina-SCI Corp.*	51,500		649,415

			2,789,743

Entertainment & Leisure — 1.0%
Time Warner, Inc.*(a)	74,100		1,333,059

Financial - Bank & Trust — 12.8%
Bank of America Corp.(a)	54,600		4,391,477
FleetBoston Financial Corp.	23,000		1,003,950
Golden West Financial Corp.	16,400		1,692,316
Independence Community Bank Corp.	9,000		323,730
National City Corp.	39,100		1,327,054
New York Community Bancorp, Inc.(a)	21,500		818,075
U.S. Bancorp	99,900		2,975,022
Wachovia Corp.	60,000		2,795,400
Wells Fargo & Co.	19,600		1,154,244
Zions Bancorporation	8,400		515,172

			16,996,440

Financial Services — 10.6%
CIT Group, Inc.	39,300		1,412,835
Citigroup, Inc.(a)	117,475		5,702,237
Countrywide Financial Corp.(a)	18,933		1,436,068
Franklin Resources, Inc.	6,400		333,184
J.P. Morgan Chase & Co.	76,900		2,824,537
John Hancock Financial Services, Inc.	9,300		348,750
Lehman Brothers Holdings, Inc.(a)	13,100		1,011,582
MBIA, Inc.	4,900		290,227
Washington Mutual, Inc.	18,400		738,208

			14,097,628

Food — 1.2%
Dean Foods Co.*	42,000		1,380,540
Safeway, Inc.*	10,100		221,291

			1,601,831

Healthcare Services — 1.7%
Health Net, Inc.*(a)	31,300		1,023,510
Humana, Inc.*	55,600		1,270,460

			2,293,970

Insurance — 4.4%
Berkley (W.R) Corp.	51,150		1,787,692
Fidelity National Financial, Inc.	20,925		811,472
First American Corp.	20,000		595,400
Markel Corp.*	2,300		583,073
Mercury General Corp.	5,700		265,335
Nationwide Financial Services, Inc. (Class “A” Stock)	3,100		102,486
Principal Financial Group, Inc.	53,400		1,765,938

			5,911,396

128

AST DeAM Large-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Machinery & Equipment — 2.6%
Caterpillar, Inc.	13,500	$	1,120,770
Eaton Corp.	22,300		2,407,954

			3,528,724

Medical Supplies & Equipment — 0.6%
PerkinElmer, Inc.	43,900		749,373

Metals & Mining — 1.8%
Alcoa, Inc.(a)	61,900		2,352,200

Office Equipment — 1.0%
Hon Industries, Inc.	2,000		86,640
Xerox Corp.*(a)	94,300		1,301,340

			1,387,980

Oil & Gas — 10.3%
Amerada Hess Corp.	7,000		372,190
ChevronTexaco Corp.	3,700		319,643
ConocoPhillips	19,400		1,272,058
Exxon Mobil Corp.	112,600		4,616,600
Marathon Oil Corp.	44,700		1,479,123
Occidental Petroleum Corp.	58,200		2,458,368
Pioneer Natural Resources Co.*	23,400		747,162
Pogo Producing Co.	19,100		922,530
Unocal Corp.	45,100		1,661,033

			13,848,707

Paper & Forest Products — 0.3%
Rayonier, Inc.	9,600		398,496

Pharmaceuticals — 3.0%
King Pharmaceuticals, Inc.*	2,600		39,676
Merck & Co., Inc.	37,800		1,746,360
Valeant Pharmaceuticals International(a)	35,700		897,855
Watson Pharmaceuticals, Inc.*(a)	28,400		1,306,400

			3,990,291

Printing & Publishing — 0.7%
McGraw-Hill Companies, Inc.	13,215		923,993

Real Estate — 1.7%
Apartment Investment & Management Co. (Class “A” Stock) [REIT]	5,900		203,550
Avalonbay Communities, Inc. [REIT]	900		43,020
Equity Office Properties Trust [REIT]	17,100		489,915
Equity Residential Properties Trust [REIT]	17,900		528,229
Federal Realty Investment Trust [REIT]	2,100		80,619
Mills Corp. (The) [REIT]	2,700		118,800
Pan Pacific Retail Properties, Inc. [REIT]	1,900		90,535
Simon Property Group, Inc. [REIT]	7,900		366,086
Vornado Realty Trust [REIT]	6,200		339,450

			2,260,204

Restaurants — 0.6%
McDonald’s Corp.	31,600		784,628


	Shares	Value

Retail & Merchandising — 1.8%
Federated Department Stores, Inc.(a)	30,900	$	1,456,317
May Department Stores Co. (The)(a)	19,300		561,051
Saks, Inc.*	25,300		380,512

			2,397,880

Semiconductors — 1.2%
Fairchild Semiconductor International, Inc.*	29,300		731,621
International Rectifier Corp.*	17,600		869,616

			1,601,237

Telecommunications — 6.5%
AT&T Corp.(a)	37,100		753,130
AT&T Wireless Services, Inc.*	142,900		1,141,771
BellSouth Corp.	62,300		1,763,090
CenturyTel, Inc.	5,900		192,458
SBC Communications, Inc.	27,100		706,497
Sprint Corp.(a)	74,300		1,220,006
Verizon Communications, Inc.(a)	84,500		2,964,260

			8,741,212

Transportation — 2.4%
FedEx Corp.(a)	22,800		1,539,000
Ryder System, Inc.	49,900		1,704,085

			3,243,085

Utilities — 4.9%
CenterPoint Energy, Inc.	40,400		391,476
Edison International Co.(a)	60,400		1,324,572
Entergy Corp.	37,900		2,165,227
Exelon Corp.	38,000		2,521,680
Northeast Utilities	6,100		123,037

			6,525,992

Total Common Stock
(Cost $107,948,243)			123,455,369

*PREFERRED STOCK — 0.2%*
Broadcasting
News Corp. Ltd. [ADR]
(Cost $237,922)	8,176		247,324


	Moody’s Rating (Unaudited)	Par (000)

*CORPORATE OBLIGATION*
Retail & Merchandising
Ames Department Stores, Inc., Sr. Notes
10.00%, 04/15/06 (cost $13,156; purchased 11/17/00 - 1/30/01)(g)(i)
(Cost $13,156)	NR	$	40	300

Total Long-Term Investments
(Cost $108,199,321)				123,702,993

129

AST DeAM Large-Cap Value Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value

*SHORT-TERM INVESTMENTS — 23.5%*
Certificate of Deposit — 1.2%
Westdeutsche Landesbank 1.50%, 01/10/05(b)	$	1,561	$	1,560,556

Commercial Paper — 2.9%
Cancara Asset Securitisation Ltd.
1.11%, 01/12/04(b)		874		873,734
Concord Minutemen Capital Co.
1.13%, 02/09/04(b)		2,071		2,065,435
Crown Point Capital Co.
1.11%, 01/16/04(b)		6		5,578
Lexington Parker Capital Co.
1.10%, 01/12/04(b)		168		168,054
Silver Tower U.S. Funding
1.13%, 02/02/04(b)		785		782,624
Tannehill Capital Co.
1.10%, 01/08/04(b)		34		34,261

				3,929,686

Corporate Obligations — 15.6%
American Express Centurian
1.118%, 01/22/04 [FRN](b)(c)		1,006		1,005,640
Bear Stearns Co., Inc.
1.12%, 01/02/04 [FRN](b)(c)		5,068		5,067,702
General Electric Capital Corp.
1.13%, 01/02/04 [FRN](b)(c)		566		566,916
Merrill Lynch & Co., Inc.
1.13%, 01/02/04 [FRN](b)(c)		3,055		3,054,902
1.13%, 01/02/04(b)		67		67,291
Morgan Stanley
1.03%, 01/02/04 [FRN](b)(c)		4,494		4,494,001
1.08%, 01/02/04 [FRN](b)(c)		526		525,839
Natexis Banques Populaires
1.035%, 01/02/04 [FRN](b)(c)		1,413		1,413,093
1.10%, 01/02/04 [FRN](b)(c)		3,410		3,409,154
Westdeutsche Landesbank
1.13%, 01/09/04 [FRN](b)(c)		1,233		1,232,384

				20,836,922

	Shares
Non-Registered Investment Company — 2.3%
BlackRock Institutional Money Market Trust(b)(j)		3,118,213	$	3,118,213


	Par (000)		Value
Repurchase Agreement — 0.2%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $280,395 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $344,014, market value including accrued interest $288,796)(b)	$	280	$	280,379


Time Deposits — 0.9%
Chase Manhattan Bank
0.875%, 01/02/04(b)		940		939,916
UBS Bank
0.938%, 01/02/04(b)		280		279,978

				1,219,894

U.S. Treasury Obligations — 0.4%
U.S. Treasury Bills
0.82%, 01/29/04(k)(n)		35		34,978
0.84%, 01/29/04(k)(n)		100		99,934
0.87%, 01/29/04(k)(n)		70		69,952
0.88%, 01/29/04(k)(n)		15		14,990
0.89%, 01/29/04(k)(n)		40		39,972
0.93%, 01/29/04(k)(n)		300		299,781

				559,607

Total Short-Term Investments
(Cost $31,505,260)				31,505,257

Total Investments — 116.0%
(Cost $139,704,581; Note 5)				155,208,250
Liabilities in Excess of Other Assets — (16.0%)				(21,387,237	)

Net Assets — 100.0%			$	133,821,013

130

AST DeAM Large-Cap Value Portfolio

Schedule of Investments

December 31, 2003

The following abbreviations are used in portfolio descriptions:

ADR	American Depositary Receipt

FRN	Floating Rate Note

REIT	Real Estate Investment Trust


symbol		description
*		Non-income producing security.

(a)		Portion of securities on loan with an aggregate market value of $29,927,181; cash collateral $30,945,650 was received with which the portfolio purchased securities.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

(g)		Indicates a security that has been deemed illiquid. The aggregate cost of the illiquid security is $13,156. The aggregate value, $300 represents 0.00% of net assets.

(i)		Represents issuer in default on interest payments, Non-income producing security.

(j)		Security available to institutional investors only.



(k)		Securities with an aggregate market value of $509,640 have been segregated with the custodian to cover margin requirements for the following open futures contracts at December 31, 2003:


Description	Expiration Month	Number of Contracts	Contracts at Trade Date Value		Contracts at Current Value		Unrealized Appreciation

Long Positions:
S&P 500	03/04	34	$	9,230,700	$	9,440,100	$	209,400



(n)		Rates shown are the effective yields at purchase date.

See Notes to Financial Statements.

131

AST Alliance/Bernstein Growth + Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 98.1%*
*COMMON STOCK*
Automotive Parts — 1.2%
Genuine Parts Co.	5,000	$	166,000
Magna International, Inc. (Class “A” Stock)	7,700		616,385

			782,385

Beverages — 0.7%
PepsiCo, Inc.	9,600		447,552

Cable Television — 2.7%
Comcast Corp. (Special Class “A” Stock)*(a)	55,000		1,720,400

Chemicals — 0.9%
DuPont (E.I.) de Nemours & Co.	11,900		546,091

Clothing & Apparel — 1.4%
VF Corp.	20,150		871,286

Computer Hardware — 4.8%
Dell, Inc.*	54,700		1,857,612
Hewlett-Packard Co.	52,750		1,211,668

			3,069,280

Computer Services & Software — 7.6%
Cisco Systems, Inc.*(a)	53,300		1,294,657
Electronic Arts, Inc.*(a)	22,100		1,055,938
Microsoft Corp.(a)	67,000		1,845,180
Veritas Software Corp.*(a)	17,700		657,732

			4,853,507

Conglomerates — 1.5%
Altria Group, Inc.(a)	6,150		334,683
Textron, Inc.	10,600		604,836

			939,519

Consumer Products & Services — 1.9%
Johnson & Johnson	5,300		273,798
Procter & Gamble Co.	5,200		519,376
Whirlpool Corp.(a)	5,700		414,105

			1,207,279

Containers & Packaging — 0.7%
Smurfit-Stone Container Corp.*(a)	25,600		475,392

Electronic Components & Equipment — 4.4%
Flextronics International Ltd.*	35,800		531,272
General Electric Co.(a)	61,800		1,914,564
Solectron Corp.*(a)	62,697		370,539

			2,816,375

Entertainment & Leisure — 2.4%
Viacom, Inc. (Class “B” Stock)	34,400		1,526,672

Financial - Bank & Trust — 6.1%
Bank of America Corp.(a)	14,200		1,142,106
FleetBoston Financial Corp.	9,000		392,850


	Shares	Value

Golden West Financial Corp.	3,500	$	361,165
National City Corp.	39,100		1,327,054
Wachovia Corp.	14,650		682,544

			3,905,719

Financial Services — 13.4%
Citigroup, Inc.(a)	51,500		2,499,809
Fannie Mae	23,900		1,793,934
Goldman Sachs Group, Inc.(a)	12,500		1,234,125
Lehman Brothers Holdings, Inc.	7,200		555,984
MBNA Corp.	70,200		1,744,470
Merrill Lynch & Co., Inc.(a)	4,900		287,385
Washington Mutual, Inc.	12,025		482,443

			8,598,150

Food — 1.3%
Kroger Co. (The)*	11,500		212,865
Safeway, Inc.*	28,275		619,505

			832,370

Healthcare Services — 2.2%
UnitedHealth Group, Inc.(a)	24,000		1,396,320

Industrial Products — 0.5%
Cooper Industries Ltd. (Class “A” Stock)	5,400		312,822

Insurance — 8.3%
American International Group, Inc.	21,200		1,405,135
Chubb Corp.(a)	14,500		987,450
Jefferson-Pilot Corp.(a)	12,900		653,385
MetLife, Inc.	33,400		1,124,578
The Progressive Corp.	7,500		626,925
Torchmark Corp.	1,200		54,648
Travelers Property Casualty Corp. (Class “A” Stock)	29,300		491,654

			5,343,775

Internet Services — 2.1%
eBay, Inc.*(a)	16,200		1,046,358
Yahoo!, Inc.*(a)	6,700		302,639

			1,348,997

Medical Supplies & Equipment — 3.7%
Amgen, Inc.*	22,700		1,402,860
Medtronic, Inc.	19,200		933,312

			2,336,172

Oil & Gas — 3.1%
ConocoPhillips(a)	17,700		1,160,589
Occidental Petroleum Corp.	13,400		566,016
Valero Energy Corp.	5,000		231,700

			1,958,305

Paper & Forest Products — 2.0%
Georgia-Pacific Corp.(a)	27,650		848,026
MeadWestvaco Corp.	14,600		434,350

			1,282,376

132

AST Alliance/Bernstein Growth + Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Pharmaceuticals — 4.2%
GlaxoSmithKline PLC [ADR]	12,300	$	573,426
Pfizer, Inc.	47,200		1,667,576
Wyeth	9,700		411,765

			2,652,767

Railroads — 3.5%
Burlington Northern Santa Fe Corp.	19,000		614,650
CSX Corp.	18,900		679,266
Norfolk Southern Corp.	38,600		912,890

			2,206,806

Retail & Merchandising — 8.3%
Bed Bath & Beyond, Inc.*	7,000		303,450
Federated Department Stores, Inc.(a)	4,600		216,798
Kohl’s Corp.*(a)	7,100		319,074
Lowe’s Companies, Inc.	20,300		1,124,417
May Department Stores Co. (The)(a)	20,250		588,668
Sears, Roebuck and Co.	8,100		368,469
Wal-Mart Stores, Inc.	33,900		1,798,395
Walgreen Co.	15,600		567,528

			5,286,799

Semiconductors — 2.7%
Intel Corp.(a)	44,000		1,416,800
Maxim Integrated Products, Inc.	5,800		288,840

			1,705,640

Telecommunications — 3.5%
Corning, Inc.*	44,300		462,049
Nortel Networks Corp.*	142,800		604,044
Qwest Communications International, Inc.*	76,500		330,480
Sprint Corp.(a)	22,000		361,240
Sprint Corp. (PCS Group)*(a)	41,000		230,420
Tellabs, Inc.*	30,700		258,801

			2,247,034

Utilities — 3.0%
American Electric Power Co., Inc.	21,600		659,016
Entergy Corp.	9,900		565,587
PPL Corp.(a)	7,900		345,625
Sempra Energy(a)	12,500		375,750

			1,945,978

Total Long-Term Investments
(Cost $55,604,121)			62,615,768


	Par (000)		Value

*SHORT-TERM INVESTMENTS — 30.6%*
Commercial Paper — 6.0%
Cancara Asset Securitisation Ltd.
1.11%, 01/12/04(b)	$	814,193	$	813,490
Crown Point Capital Co.
1.11%, 01/16/04(b)		207,182		206,677
General Electric Capital Corp.
1.11%, 02/05/04(b)		1,433,683		1,429,705
Monumental Global Funding
1.141%, 01/29/04 [FRN](b)(c)		93,525		93,758
Tannehill Capital Co.
1.10%, 01/08/04(b)		1,308,889		1,305,289

				3,848,919

Corporate Obligations — 18.8%
American Express Centurian
1.118%, 01/22/04 [FRN](b)(c)		1,355,754		1,355,754
Bear Stearns Co., Inc.
1.12%, 01/02/04 [FRN](b)(c)		533,168		533,168
1.12%, 01/02/04 [FRN](b)(c)		156,864		156,864
General Electric Capital Corp.
1.13%, 01/02/04 [FRN](b)(c)		7,672		7,680
Goldman Sachs Group, Inc.
1.14%, 01/06/04 [FRN](b)(c)		632,844		632,844
Merrill Lynch & Co., Inc.
1.13%, 01/02/04(b)		52,643		52,643
1.13%, 01/02/04 [FRN](b)(c)		1,298,523		1,298,523
1.13%, 01/02/04 [FRN](b)(c)		1,797,171		1,797,171
Morgan Stanley
1.03%, 01/02/04 [FRN](b)(c)		560,303		560,303
1.03%, 01/02/04 [FRN](b)(c)		1,486,990		1,486,990
1.08%, 01/02/04 [FRN](b)(c)		2,384,146		2,384,145
Natexis Banques Populaires
1.035%, 01/02/04 [FRN](b)(c)		774,070		774,070
1.10%, 01/02/04 [FRN](b)(c)		918,111		917,879

				11,958,034

	Shares
Non-Registered Investment Company — 2.7%
BlackRock Institutional Money Market Trust(b)(j)		1,709,550		1,709,550

Registered Investment Companies — 1.6%
BlackRock Provident Institutional Funds TempCash Portfolio		497,498		497,498
BlackRock Provident Institutional Funds TempFund Portfolio		497,498		497,498

				994,996

133

AST Alliance/Bernstein Growth + Value Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value

Repurchase Agreement — 0.3%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $219,359 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $269,129, market value including accrued interest $225,931)(b)	$	219	$	219,347


	Par (000)		Value

Time Deposits — 1.2%
Chase Manhattan Bank 0.875%, 01/02/04(b)	$	350,061	$	350,061
UBS Bank 0.938%, 01/02/04(b)		436,591		436,591

				786,652

Total Short-Term Investments
(Cost $19,517,498)				19,517,498

Total Investments — 128.7%
(Cost $75,121,619; Note 5)				82,133,266
Liabilities in Excess of Other Assets — (28.7%)				(18,296,350	)

Net Assets — 100.0%			$	63,836,916

The following abbreviations are used in portfolio descriptions:

ADR	American Depositary Receipt

FRN	Floating Rate Note


symbol		description
*		Non-income producing security.

(a)		Portion of securities on loan with an aggregate market value $17,996,855; cash collateral $18,522,502 was received with which the portfolio purchased securities.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

(j)		Security available to institutional investors only.

See Notes to Financial Statements.

134

AST Sanford Bernstein Core Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 96.5%*
*COMMON STOCK*
Aerospace — 0.5%
Goodrich Corp.	33,400	$	991,646

Automobile Manufacturers — 1.2%
General Motors Corp.(a)	34,300		1,831,620
PACCAR, Inc.	6,100		519,232

			2,350,852

Automotive Parts — 3.7%
American Axle & Manufacturing Holdings, Inc.*(a)	16,000		646,720
Autoliv, Inc.	31,100		1,170,915
AutoNation, Inc.*	57,300		1,052,601
BorgWarner, Inc.	7,700		655,039
Cooper Tire & Rubber Co.	22,100		472,498
Dana Corp.	31,300		574,355
Delphi Corp.	31,400		320,594
Genuine Parts Co.	7,500		249,000
Lear Corp.	18,000		1,103,940
Magna International, Inc. (Class “A” Stock)	11,800		944,590

			7,190,252

Building Materials — 1.0%
Martin Marietta Materials, Inc.	14,800		695,156
Masco Corp.	20,600		564,646
Sherwin-Williams Co. (The)	19,350		672,219

			1,932,021

Business Services — 0.4%
Tech Data Corp.*	18,850		748,157

Cable Television — 1.2%
Comcast Corp. (Class “A” Stock)*	70,424		2,314,837

Chemicals — 1.6%
Ashland, Inc.	22,900		1,008,974
Dow Chemical Co.	4,700		195,379
DuPont (E.I.) de Nemours & Co.	14,000		642,460
Lubrizol Corp.	1,745		56,747
Monsanto Co.	43,200		1,243,296

			3,146,856

Clothing & Apparel — 1.2%
Liz Claiborne, Inc.	16,900		599,274
Reebok International Ltd.(a)	17,900		703,828
VF Corp.	23,100		998,844

			2,301,946

Computer Hardware — 2.6%
Hewlett-Packard Co.	150,524		3,457,536
International Business Machines Corp.	16,400		1,519,952

			4,977,488


	Shares	Value

Computer Services & Software — 0.9%
Electronic Data Systems Corp.	49,700	$	1,219,638
Ingram Micro, Inc. (Class “A” Stock)*	26,500		421,350

			1,640,988

Conglomerates — 3.4%
Altria Group, Inc.(a)	72,200		3,929,124
Cendant Corp.*(a)	26,000		579,020
Textron, Inc.	18,600		1,061,316
Tyco International Ltd.(a)	39,800		1,054,700

			6,624,160

Construction — 1.0%
Centex Corp.(a)	5,300		570,545
D.R. Horton, Inc.	3,900		168,714
Pulte Corp.	13,500		1,263,870

			2,003,129

Consumer Products & Services — 1.4%
Procter & Gamble Co.	6,500		649,220
UST, Inc.	27,800		992,182
Whirlpool Corp.(a)	15,125		1,098,831

			2,740,233

Containers & Packaging — 0.1%
Smurfit-Stone Container Corp.*(a)	13,875		257,659

Electronic Components & Equipment — 2.0%
Arrow Electronics, Inc.*	1,750		40,495
Avnet, Inc.*	3,400		73,644
Flextronics International Ltd.*	67,800		1,006,152
Hubbell, Inc. (Class “B” Stock)	14,500		639,450
Rockwell Automation, Inc.	5,800		206,480
Sanmina-SCI Corp.*	69,900		881,439
Solectron Corp.*(a)	155,950		921,665
Vishay Intertechnology, Inc.*(a)	6,200		141,980

			3,911,305

Entertainment & Leisure — 1.2%
Disney (Walt) Co.	11,900		277,627
Time Warner, Inc.*(a)	90,500		1,628,095
Viacom, Inc. (Class “B” Stock)	8,700		386,106

			2,291,828

Financial - Bank & Trust — 13.1%
AmSouth Bancorp	36,225		887,513
Astoria Financial Corp.(a)	13,200		491,040
Bank of America Corp.(a)	58,550		4,709,176
Bank One Corp.	49,100		2,238,469
Comerica, Inc.	20,900		1,171,654
FleetBoston Financial Corp.	56,975		2,486,959
Golden West Financial Corp.	14,000		1,444,660
Huntington Bancshares, Inc.	38,500		866,250
National City Corp.	44,650		1,515,421
PNC Financial Services Group	19,800		1,083,654
Regions Financial Corp.	28,925		1,076,010
SunTrust Banks, Inc.	10,200		729,300

135

AST Sanford Bernstein Core Value Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

U.S. Bancorp	59,400	$	1,768,932
Wachovia Corp.	60,300		2,809,376
Wells Fargo & Co.	33,700		1,984,593

			25,263,007

Financial Services — 14.6%
Bear Stearns Companies, Inc.(a)	15,700		1,255,215
Citigroup, Inc.(a)	187,330		9,092,997
Countrywide Financial Corp.(a)	9,866		748,336
Fannie Mae	11,100		833,166
Freddie Mac	28,700		1,673,784
Goldman Sachs Group, Inc.(a)	18,500		1,826,505
J.P. Morgan Chase & Co.	59,400		2,181,762
John Hancock Financial Services, Inc.	33,100		1,241,250
KeyCorp	43,475		1,274,687
Lehman Brothers Holdings, Inc.(a)	20,500		1,583,010
MBIA, Inc.	19,300		1,143,139
Merrill Lynch & Co., Inc.	22,500		1,319,625
Morgan Stanley Dean Witter & Co.(a)	33,000		1,909,710
Washington Mutual, Inc.	48,775		1,956,853

			28,040,039

Food — 1.6%
Archer-Daniels-Midland Co.	10,200		155,244
Kroger Co. (The)*	59,700		1,105,047
Safeway, Inc.*	61,100		1,338,701
Sara Lee Corp.	16,500		358,215
SUPERVALU, Inc.	1,625		46,459

			3,003,666

Industrial Products — 0.6%
Cooper Industries Ltd. (Class “A” Stock)	13,900		805,227
Crane Co.	8,600		264,364

			1,069,591

Insurance — 7.3%
ACE Ltd.	15,100		625,442
Aetna, Inc.	8,175		552,467
Allstate Corp. (The)	43,500		1,871,369
American International Group, Inc.	22,400		1,484,672
Chubb Corp.(a)	20,700		1,409,670
Hartford Financial Services Group, Inc. (The)	24,000		1,416,720
Jefferson-Pilot Corp.	22,300		1,129,495
MetLife, Inc.	34,225		1,152,356
MGIC Investment Corp.	19,300		1,098,942
PartnerRe Ltd.	7,200		417,960
RenaissanceRe Holdings Ltd.	6,300		309,015
St. Paul Companies, Inc.(a)	27,300		1,082,445
Torchmark Corp.	2,225		101,327
Travelers Property Casualty Corp. (Class “A” Stock)	54,527		914,963
Travelers Property Casualty Corp. (Class “B” Stock)	7,864		133,452


	Shares	Value

XL Capital Ltd. (Class “A” Stock)(a)	3,400	$	263,670

			13,963,965

Machinery & Equipment — 1.1%
Caterpillar, Inc.	11,300		938,126
Eaton Corp.	10,800		1,166,184

			2,104,310

Medical Supplies & Equipment — 0.5%
Guidant Corp.	16,200		975,240

Metals & Mining — 1.1%
Alcan, Inc.	20,600		967,170
Alcoa, Inc.(a)	27,900		1,060,200

			2,027,370

Oil & Gas — 9.5%
BP PLC [ADR]	19,400		957,390
ChevronTexaco Corp.	27,000		2,332,530
ConocoPhillips(a)	38,843		2,546,936
Exxon Mobil Corp.	202,700		8,310,699
Marathon Oil Corp.	42,400		1,403,016
Occidental Petroleum Corp.	37,300		1,575,552
Valero Energy Corp.	22,700		1,051,918
Williams Companies, Inc.	17,600		172,832

			18,350,873

Paper & Forest Products — 1.6%
Georgia-Pacific Corp.(a)	41,625		1,276,639
MeadWestvaco Corp.	31,900		949,025
Temple-Inland, Inc.	13,500		846,045

			3,071,709

Pharmaceuticals — 3.2%
Bristol-Myers Squibb Co.(a)	40,000		1,144,000
GlaxoSmithKline PLC [ADR]	17,300		806,526
Merck & Co., Inc.	52,400		2,420,880
Pfizer, Inc.	26,500		936,245
Wyeth	19,700		836,265

			6,143,916

Railroads — 1.9%
Burlington Northern Santa Fe Corp.	38,775		1,254,371
CSX Corp.	23,500		844,590
Norfolk Southern Corp.	64,450		1,524,243

			3,623,204

Restaurants — 0.9%
McDonald’s Corp.	69,100		1,715,753

Retail & Merchandising — 1.7%
Federated Department Stores, Inc.(a)	26,175		1,233,628
Foot Locker, Inc.(a)	1,400		32,830
May Department Stores Co. (The)(a)	38,625		1,122,829
Office Depot, Inc.*(a)	57,400		959,154

			3,348,441

136

AST Sanford Bernstein Core Value Portfolio

Schedule of Investments

December 31, 2003


	Shares		Value

Telecommunications — 6.6%
ADC Telecommunications, Inc.*		173,800	$	516,186
BellSouth Corp.		29,900		846,170
Corning, Inc.*		135,400		1,412,222
JDS Uniphase Corp.*		97,400		355,510
Lucent Technologies, Inc.*		136,600		387,944
Nortel Networks Corp.*		336,000		1,421,280
Qwest Communications International, Inc.*		168,100		726,192
SBC Communications, Inc.		74,600		1,944,822
Sprint Corp.(a)		81,800		1,343,156
Sprint Corp. (PCS Group)*(a)		134,700		757,014
Tellabs, Inc.*		71,700		604,431
Verizon Communications, Inc.		68,000		2,385,440

				12,700,367

Utilities — 7.8%
Alliant Energy Corp.(a)		23,900		595,110
American Electric Power Co., Inc.		44,300		1,351,593
Cinergy Corp.(a)		22,400		869,344
Constellation Energy Group, Inc.		19,500		763,620
Edison International Co.		53,900		1,182,027
Entergy Corp.		20,400		1,165,452
Exelon Corp.		23,400		1,552,824
FirstEnergy Corp.		29,400		1,034,880
Northeast Utilities(a)		41,700		841,089
PG&E Corp.*(a)		12,800		355,456
PPL Corp.(a)		26,900		1,176,875
Sempra Energy(a)		38,700		1,163,322
TXU Corp.(a)		31,600		749,552
Wisconsin Energy Corp.		30,700		1,026,915
Xcel Energy, Inc.(a)		65,100		1,105,398

				14,933,457

Total Long-Term Investments
(Cost $155,029,847)				185,758,265

	Par (000)
*SHORT-TERM INVESTMENTS — 29.7%*
Certificate of Deposit — 2.1%
Svenska Handelsbank, Inc. 1.39%, 10/27/04(b)	$	441		440,608
Westdeutsche Landesbank 1.50%, 01/10/05(b)		3,665		3,663,911

				4,104,519

Commercial Paper — 5.1%
Cancara Asset Securitisation Ltd. 1.11%, 01/12/04(b)		2,472		2,469,609
Crown Point Capital Co. 1.11%, 01/16/04(b)		568		567,089
Fairway Finance Corp. 1.10%, 01/12/04(b)		832		829,999


	Par (000)		Value

General Electric Capital Corp. 1.11%, 02/05/04(b)	$	66	$	65,837
Lexington Parker Capital Co. 1.10%, 01/12/04(b)		733		731,696
Monumental Global Funding 1.141%, 01/29/04 [FRN](b)(c)		721		722,316
Silver Tower U.S. Funding 1.13%, 02/02/04(b)		96		96,159
Tannehill Capital Co. 1.10%, 01/08/04(b)		4,084		4,072,341
Tulip Funding Corp. 1.10%, 01/21/04(b)		284		283,456

				9,838,502

Corporate Obligations — 11.9%
American Express Centurian
1.118%, 01/22/04 [FRN](b)(c)		1,574		1,573,712
1.144%, 01/22/04 [FRN](b)(c)		171		171,428
Bear Stearns Co., Inc.
1.12%, 01/02/04 [FRN](b)(c)		929		929,402
Canadian Imperial Bank of Commerce
1.111%, 01/29/04 [FRN](b)(c)		822		821,886
Goldman Sachs Group, Inc.
1.14%, 01/06/04 [FRN](b)(c)		1,647		1,647,449
Merrill Lynch & Co., Inc.
1.13%, 01/02/04(b)		187		187,182
1.13%, 01/02/04 [FRN](b)(c)		5,500		5,500,291
Morgan Stanley
1.03%, 01/02/04 [FRN](b)(c)		5,414		5,414,437
1.08%, 01/02/04 [FRN](b)(c)		2,288		2,288,483
Natexis Banques Populaires
1.035%, 01/02/04 [FRN](b)(c)		1,197		1,197,014
1.10%, 01/02/04 [FRN](b)(c)		2,524		2,523,498
Westdeutsche Landesbank
1.111%, 01/23/04 [FRN](b)(c)		52		51,674
1.111%, 01/29/04 [FRN](b)(c)		510		509,955

				22,816,411

	Shares
Non-Registered Investment Company — 3.5%
BlackRock Institutional Money Market Trust(b)(j)		6,758,284		6,758,284

Registered Investment Companies — 5.7%
BlackRock Provident Institutional Funds TempCash Portfolio		5,519,645		5,519,645
BlackRock Provident Institutional Funds TempFund Portfolio		5,519,645		5,519,645

				11,039,290

137

AST Sanford Bernstein Core Value Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value

Repurchase Agreement — 0.4%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $779,967 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $956,933, market value including accrued interest $803,336)(b)	$	780	$	779,924


	Par (000)		Value

Time Deposits — 1.0%
Chase Manhattan Bank
0.875%, 01/02/04(b)	$	1,491	$	1,491,077
UBS Bank
0.938%, 01/02/04(b)		437		437,381

				1,928,458

Total Short-Term Investments
(Cost $57,265,388)				57,265,388

Total Investments — 126.2%
(Cost $212,295,235; Note 5)				243,023,653
Liabilities in Excess of Other Assets — (26.2%)				(50,476,311	)

Net Assets — 100.0%			$	192,547,342

The following abbreviations are used in portfolio descriptions:

ADR	American Depositary Receipt

FRN	Floating Rate Note


symbol		description
*		Non-income producing security.

(a)		Portion of securities on loan with an aggregate market value of $44,692,673; cash collateral $46,226,098 was received with which the portfolio purchased securities.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

(j)		Security available to institutional investors only.

See Notes to Financial Statements.

138

AST Cohen & Steers Realty Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 96.7%*
*COMMON STOCK*
Apartment/Residential — 12.8%
Apartment Investment & Management Co. (Class “A” Stock) [REIT]	80,300	$	2,770,350
Avalonbay Communities, Inc. [REIT]	290,200		13,871,560
BRE Properties, Inc. [REIT]	160,300		5,354,020
Equity Residential Properties Trust [REIT]	175,900		5,190,809
Essex Property Trust, Inc. [REIT]	79,100		5,079,802
Summit Properties, Inc. [REIT]	176,900		4,249,138
United Dominion Realty Trust, Inc. [REIT]	23,500		451,200

			36,966,879

Building & Real Estate — 7.4%
Catellus Development Corp.	403,052		9,721,614
Federal Realty Investment Trust [REIT]	178,900		6,867,971
Post Properties, Inc. [REIT]	174,600		4,874,832

			21,464,417

Diversified — 4.0%
Brookfield Properties Corp. (Canada)	296,900		8,569,836
Crescent Real Estate Equities Co. [REIT]	173,300		2,968,629

			11,538,465

Hotels & Motels — 8.7%
Hilton Hotels Corp.(a)	266,700		4,568,571
Host Marriott Corp. [REIT]*(a)	849,600		10,467,072
Starwood Hotels & Resorts Worldwide, Inc.	280,100		10,075,197

			25,110,840

Industrial — 6.2%
AMB Property Corp. [REIT]	123,000		4,044,240
ProLogis [REIT]	430,300		13,808,327

			17,852,567

Office — 14.4%
Arden Realty, Inc. [REIT]	191,200		5,801,008
CarrAmerica Realty Corp. [REIT]	134,600		4,008,388
Equity Office Properties Trust [REIT]	286,100		8,196,765
Mack-Cali Realty Corp. [REIT]	85,700		3,566,834
Maguire Properties, Inc.	164,600		3,999,780
Vornado Realty Trust [REIT]	294,700		16,134,825

			41,707,600


	Shares		Value

Office/Industrial — 13.3%
Boston Properties, Inc. [REIT]		410,300	$	19,772,357
Kilroy Realty Corp. [REIT]		129,100		4,228,025
Liberty Property Trust [REIT]		49,500		1,925,550
Prentiss Properties Trust [REIT]		97,400		3,213,226
Reckson Associates Realty Corp. [REIT](a)		186,600		4,534,380
SL Green Realty Corp. [REIT]		117,500		4,823,375

				38,496,913

Real Estate — 9.9%
Archstone-Smith Trust [REIT]		353,600		9,893,728
Mills Corp. [REIT]		155,000		6,820,000
Pan Pacific Retail Properties, Inc. [REIT]		52,800		2,515,920
Sun Communities, Inc. [REIT]		129,000		4,992,300
Ventas, Inc. [REIT]		196,800		4,329,600

				28,551,548

Regional Mall — 17.4%
CBL & Associates Properties, Inc. [REIT]		74,100		4,186,650
Developers Diversified Realty Corp. [REIT]		125,000		4,196,250
General Growth Properties, Inc. [REIT](a)		201,300		5,586,075
Macerich Co. [REIT]		159,000		7,075,500
Regency Centers Corp. [REIT]		33,800		1,346,930
Rouse Co. [REIT]		245,600		11,543,200
Simon Property Group, Inc. [REIT]		251,600		11,659,144
Taubman Centers, Inc. [REIT]		246,400		5,075,840

				50,669,589

Self Storage — 2.6%
Public Storage, Inc. [REIT]		118,400		5,137,376
Shurgard Storage Centers, Inc. (Class “A” Stock) [REIT]		63,400		2,387,010

				7,524,386

Total Long-Term Investments
(Cost $233,379,459)				279,883,204

	Par (000)
*SHORT-TERM INVESTMENTS — 8.0%*
Commercial Paper — 2.2%
Cancarra AB
1.11%, 01/12/04(b)	$	1,603		1,602,038
Tannehill Capital Co.
1.10%, 01/08/04(b)		4,886		4,872,188

				6,474,226

139

AST Cohen & Steers Realty Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value

Corporate Obligations — 2.6%
American Express Centurian
1.131%, 01/29/04 [FRN](b)(c)	$	3,176	$	3,176,007
Merrill Lynch & Co., Inc.
1.13%, 01/02/04 [FRN](b)(c)		1,034		1,033,872
Westdeutsche Landesbank
1.111%, 01/29/04 [FRN](b)(c)		3,255		3,254,307

				7,464,186

	Shares
Registered Investment Companies — 3.0%
BlackRock Provident Institutional Funds TempCash Portfolio		4,371,201		4,371,201
BlackRock Provident Institutional Funds TempFund Portfolio		4,371,201		4,371,201

				8,742,402


	Par (000)		Value
Time Deposits — 0.2%
Chase Manhattan Bank
0.875%, 01/02/04(b)	$	337	$	336,834
UBS Bank
0.938%, 01/02/04(b)		295		295,354

				632,188

Total Short-Term Investments
(Cost $23,313,002)				23,313,002

Total Investments — 104.7%
(Cost $256,692,461; Note 5)				303,196,206
Liabilities in Excess of Other Assets — (4.7%)				(13,694,231	)

Net Assets — 100.0%			$	289,501,975

The following abbreviations are used in portfolio descriptions:

FRN	Floating Rate Note

REIT	Real Estate Investment Trust


symbol		description
*		Non-income producing security.

(a)		Portion of securities on loan with an aggregate market value of $13,951,746; cash collateral $14,570,600 was received with which the portfolio purchased securities.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

See Notes to Financial Statements.

140

AST Sanford Bernstein Managed Index 500 Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 99.0%*
*COMMON STOCK — 99.0%*
Advertising — 0.2%
Interpublic Group of Companies, Inc.	56,000	$	869,663

Aerospace — 1.0%
Goodrich Corp.	49,000		1,454,810
Northrop Grumman Corp.(a)	2,678		256,017
United Technologies Corp.	37,000		3,506,490

			5,217,317

Airlines — 0.4%
Southwest Airlines Co.	122,000		1,969,080

Automobile Manufacturers — 0.9%
Ford Motor Co.(a)	130,000		2,080,000
General Motors Corp.(a)	54,000		2,883,600

			4,963,600

Automotive Parts — 0.2%
Dana Corp.	56,600		1,038,610

Beverages — 1.5%
Anheuser-Busch Companies, Inc.	103,000		5,426,040
Coca-Cola Co.	46,500		2,359,875
PepsiCo, Inc.	12,100		564,102

			8,350,017

Broadcasting — 0.2%
Westwood One, Inc.*	28,900		988,669

Building Materials — 1.0%
American Standard Companies, Inc.*	19,000		1,913,300
Masco Corp.	94,000		2,576,540
Sherwin-Williams Co. (The)	33,600		1,167,264

			5,657,104

Business Services — 0.2%
Fiserv, Inc.*(a)	33,000		1,303,830

Cable Television — 1.4%
Comcast Corp. (Class “A” Stock)*	132,281		4,348,076
Comcast Corp. (Special Class “A” Stock)*(a)	105,000		3,284,400

			7,632,476

Chemicals — 1.6%
Ashland, Inc.	25,000		1,101,500
Dow Chemical Co.	24,200		1,005,994
DuPont (E.I.) de Nemours & Co.	52,200		2,395,458
Eastman Chemical Co.(a)	36,000		1,423,080
Lubrizol Corp.	35,700		1,160,964
PPG Industries, Inc.	22,000		1,408,440

			8,495,436

Clothing & Apparel — 0.2%
VF Corp.	22,375		967,495


	Shares	Value

Computer Hardware — 3.4%
Dell, Inc.*	194,600	$	6,608,616
Hewlett-Packard Co.	225,660		5,183,410
International Business Machines Corp.	70,900		6,571,012

			18,363,038

Computer Services & Software — 8.3%
Affiliated Computer Services, Inc. (Class “A” Stock)*(a)	25,000		1,361,500
Cisco Systems, Inc.*	550,100		13,361,929
Electronic Arts, Inc.*(a)	50,000		2,389,000
Electronic Data Systems Corp.(a)	48,000		1,177,920
EMC Corp.*	70,000		904,400
Mercury Interactive Corp.*(a)	29,900		1,454,336
Microsoft Corp.	632,300		17,413,542
Oracle Corp.*	133,600		1,763,520
Symantec Corp.*(a)	68,000		2,356,200
Veritas Software Corp.*(a)	76,000		2,824,160

			45,006,507

Conglomerates — 3.2%
3M Co.	7,400		629,222
Altria Group, Inc.	188,600		10,263,612
Cendant Corp.*(a)	107,100		2,385,117
Honeywell International, Inc.	27,900		932,697
Textron, Inc.	20,000		1,141,200
Tyco International Ltd.(a)	68,000		1,802,000

			17,153,848

Consumer Products & Services — 4.3%
Avon Products, Inc.	18,500		1,248,565
Colgate-Palmolive Co.	68,600		3,433,430
Johnson & Johnson	210,000		10,848,600
Procter & Gamble Co.	72,000		7,191,360
Whirlpool Corp.	7,000		508,550

			23,230,505

Electronic Components & Equipment — 4.2%
Eastman Kodak Co.(a)	21,100		541,637
Emerson Electric Co.(a)	14,000		906,500
General Electric Co.	577,270		17,883,825
Sanmina-SCI Corp.*	92,600		1,167,686
Solectron Corp.*(a)	260,000		1,536,600
Vishay Intertechnology, Inc.*(a)	25,000		572,500

			22,608,748

Entertainment & Leisure — 1.5%
Carnival Corp.(a)	63,800		2,534,774
Disney (Walt) Co.	54,900		1,280,817
Harley-Davidson, Inc.(a)	37,000		1,758,610
Time Warner, Inc.*	32,200		579,278
Viacom, Inc. (Class “B” Stock)	50,400		2,236,752

			8,390,231

141

AST Sanford Bernstein Managed Index 500 Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Financial - Bank & Trust — 5.6%
Bank of America Corp.(a)	89,900	$	7,230,657
Bank One Corp.	74,200		3,382,778
Comerica, Inc.	35,800		2,006,948
Commerce Bancorp, Inc.	25,000		1,317,000
FleetBoston Financial Corp.	119,442		5,213,643
National City Corp.	44,700		1,517,118
PNC Financial Services Group	34,300		1,877,239
Regions Financial Corp.	18,000		669,600
SunTrust Banks, Inc.	10,000		715,000
U.S. Bancorp	71,000		2,114,380
Wachovia Corp.	74,100		3,452,319
Wells Fargo & Co.	18,600		1,095,354

			30,592,036

Financial Services — 9.5%
Citigroup, Inc.	354,600		17,212,284
Fannie Mae	107,400		8,061,444
Goldman Sachs Group, Inc.	33,000		3,258,090
J.P. Morgan Chase & Co.	125,480		4,608,880
John Hancock Financial Services, Inc.	51,500		1,931,250
KeyCorp	76,000		2,228,320
Lehman Brothers Holdings, Inc.(a)	6,500		501,930
MBNA Corp.	183,500		4,559,975
Merrill Lynch & Co., Inc.	42,000		2,463,300
Morgan Stanley Dean Witter & Co.(a)	78,800		4,560,156
SLM Corp.	69,600		2,622,528

			52,008,157

Food — 1.8%
Albertson’s, Inc.(a)	53,200		1,204,980
Archer-Daniels-Midland Co.	88,808		1,351,658
Campbell Soup Co.(a)	79,200		2,122,560
Dean Foods Co.*	36,000		1,183,320
General Mills, Inc.(a)	54,500		2,468,850
Safeway, Inc.*	16,500		361,515
SUPERVALU, Inc.	31,900		912,021

			9,604,904

Healthcare Services — 2.3%
Caremark Rx, Inc.*(a)	47,500		1,203,175
HCA, Inc.(a)	33,000		1,417,680
Health Management Associates, Inc. (Class “A” Stock)(a)	80,000		1,920,000
UnitedHealth Group, Inc.(a)	86,000		5,003,480
WellPoint Health Networks, Inc.*	28,000		2,715,720

			12,260,055

Industrial Products — 0.6%
Cooper Industries Ltd. (Class “A” Stock)	23,000		1,332,390
Crane Co.	32,000		983,680
Ingersoll-Rand Co.*	11,000		746,680

			3,062,750


	Shares	Value

Insurance — 5.3%
ACE Ltd.	53,000	$	2,195,260
Allstate Corp. (The)	32,000		1,376,640
American International Group, Inc.	187,987		12,459,778
AON Corp.(a)	31,200		746,928
Chubb Corp.	25,900		1,763,790
CIGNA Corp.	15,500		891,250
Hartford Financial Services Group, Inc. (The)	10,100		595,700
MetLife, Inc.	25,900		872,053
St. Paul Companies, Inc.	22,000		872,300
The Progressive Corp.	35,900		3,000,881
Travelers Property Casualty Corp. (Class “B” Stock)	148,513		2,520,266
XL Capital Ltd. (Class “A” Stock)	19,000		1,473,450

			28,768,296

Internet Services — 1.6%
eBay, Inc.*(a)	81,000		5,231,790
Yahoo!, Inc.*(a)	79,600		3,595,532

			8,827,322

Machinery & Equipment — 1.0%
Caterpillar, Inc.	8,000		664,160
Danaher Corp.(a)	28,600		2,624,050
Eaton Corp.	19,000		2,051,620

			5,339,830

Medical Supplies & Equipment — 4.3%
Amgen, Inc.*	130,300		8,052,540
Applera Corp. - Applied Biosystems Group(a)	25,000		517,750
Guidant Corp.	50,800		3,058,160
Medtronic, Inc.	140,100		6,810,261
St. Jude Medical, Inc.*	34,000		2,085,900
Zimmer Holdings, Inc.*	40,400		2,844,160

			23,368,771

Metals & Mining — 0.5%
Alcan, Inc.(a)	19,000		892,050
Alcoa, Inc.	17,400		661,200
Worthington Industries, Inc.	65,200		1,175,556

			2,728,806

Office Equipment — 0.2%
Pitney Bowes, Inc.	13,000		528,060
Xerox Corp.*(a)	25,000		345,000

			873,060

Oil & Gas — 4.2%
Apache Corp.(a)	23,000		1,865,300
ChevronTexaco Corp.	54,238		4,685,621
ConocoPhillips	41,153		2,698,402
El Paso Corp.(a)	170,000		1,392,300

142

AST Sanford Bernstein Managed Index 500 Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Evergreen Resources, Inc.*	43,000	$	1,397,930
Exxon Mobil Corp.	240,400		9,856,400
Marathon Oil Corp.	31,000		1,025,790

			22,921,743

Paper & Forest Products — 0.9%
Georgia-Pacific Corp.(a)	69,000		2,116,230
International Paper Co.	37,000		1,595,070
MeadWestvaco Corp.	30,000		892,500

			4,603,800

Pharmaceuticals — 6.6%
Allergan, Inc.(a)	6,000		460,860
Barr Laboratories, Inc.*(a)	20,000		1,539,000
Bristol-Myers Squibb Co.	53,800		1,538,680
Cephalon, Inc.*(a)	24,000		1,161,840
Forest Laboratories, Inc.*	42,800		2,645,040
Gilead Sciences, Inc.*(a)	25,000		1,453,500
MedImmune, Inc.*	49,000		1,244,600
Merck & Co., Inc.	44,200		2,042,040
Pfizer, Inc.	532,620		18,817,465
Wyeth	115,700		4,911,465

			35,814,490

Printing & Publishing — 0.7%
Donnelley (R.R.) & Sons Co.(a)	48,000		1,447,200
Tribune Co.(a)	49,700		2,564,520

			4,011,720

Railroads — 0.4%
Burlington Northern Santa Fe Corp.	15,000		485,250
CSX Corp.	28,100		1,009,914
Norfolk Southern Corp.	38,400		908,160

			2,403,324

Real Estate — 0.6%
Equity Office Properties Trust [REIT]	70,000		2,005,500
Equity Residential Properties Trust [REIT]	35,000		1,032,850

			3,038,350

Restaurants
McDonald’s Corp.	5,000		123,896

Retail & Merchandising — 7.2%
Bed Bath & Beyond, Inc.*	56,000		2,427,600
Family Dollar Stores, Inc.	35,000		1,255,800
Federated Department Stores, Inc.	33,900		1,597,707
Home Depot, Inc.	197,000		6,991,530
Lowe’s Companies, Inc.	100,000		5,539,000
May Department Stores Co. (The)(a)	39,500		1,148,265
Ross Stores, Inc.	44,000		1,162,920
Sears, Roebuck and Co.(a)	33,900		1,542,111
TJX Companies, Inc.(a)	80,100		1,766,205
Wal-Mart Stores, Inc.	295,900		15,697,495

			39,128,633


	Shares	Value

Semiconductors — 4.9%
Altera Corp.*	95,000	$	2,156,500
Applied Materials, Inc.*(a)	134,000		3,008,300
Broadcom Corp. (Class “A” Stock)*(a)	58,000		1,977,220
Intel Corp.	375,080		12,077,576
Linear Technology Corp.	53,000		2,229,710
Marvell Technology Group Ltd.*	29,300		1,111,349
Maxim Integrated Products, Inc.	50,000		2,490,000
Texas Instruments, Inc.	42,000		1,233,960

			26,284,615

Telecommunications — 4.3%
ALLTEL Corp.	14,000		652,120
AT&T Corp.(a)	30,340		615,902
AT&T Wireless Services, Inc.*	120,000		958,800
BellSouth Corp.	76,000		2,150,800
Corning, Inc.*	129,200		1,347,556
Lucent Technologies, Inc.*	400,000		1,136,000
Motorola, Inc.	78,000		1,097,460
Nextel Communications, Inc. (Class “A” Stock)*(a)	47,000		1,318,820
Qualcomm, Inc.	71,000		3,829,030
SBC Communications, Inc.	145,200		3,785,364
Sprint Corp.	90,000		1,477,800
Verizon Communications, Inc.	135,200		4,742,816

			23,112,468

Utilities — 2.8%
American Electric Power Co., Inc.	85,160		2,598,232
CenterPoint Energy, Inc.	42,900		414,603
Constellation Energy Group, Inc.	36,000		1,409,760
DTE Energy Co.	42,000		1,654,800
Entergy Corp.	35,000		1,999,550
FirstEnergy Corp.	63,000		2,217,600
FPL Group, Inc.	5,600		366,352
Pinnacle West Capital Corp.	22,150		886,443
PPL Corp.(a)	60,000		2,624,999
TXU Corp.(a)	37,200		882,384
Xcel Energy, Inc.(a)	6,700		113,766

			15,168,489

Total Common Stock
(Cost $498,565,020)			536,251,689

	Units
RIGHTS*
Semiconductors
Seagate Technology, Inc.
(Cost $0)	33,800		0

Total Long-Term Investments
(Cost $498,565,020)			536,251,689

143

AST Sanford Bernstein Managed Index 500 Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value

*SHORT-TERM INVESTMENTS — 14.8%*
Certificate of Deposit
Svenska Handelsbank, Inc.
1.39%, 10/27/04(b)	$	79	$	79,433

Commercial Paper — 2.7%
Amsterdam Funding Corp. 1.10%, 01/05/04(b)		1,086		1,084,805
Cancara Asset Securitisation Ltd. 1.11%, 01/12/04(b)		1,818		1,816,907
Concord Minutemen Capital Co.
1.11%, 01/09/04(b)		838		835,428
1.13%, 02/09/04(b)		49		48,689
Fairway Finance Corp.
1.10%, 01/12/04(b)		2,574		2,566,738
General Electric Capital Corp.
1.11%, 02/05/04(b)		4,634		4,621,572
Monumental Global Funding
1.141%, 01/29/04 [FRN](b)(c)		2,203		2,208,617
Silver Tower U.S. Funding
1.13%, 02/02/04(b)		1,224		1,220,161
Tulip Funding Corp.
1.10%, 01/21/04(b)		359		358,382

				14,761,299

Corporate Obligations — 7.5%
American Express Centurian
1.118%, 01/22/04 [FRN](b)(c)		1,591		1,591,153
1.131%, 01/29/04 [FRN](b)(c)		670		669,561
Bear Stearns Co., Inc.
1.12%, 01/02/04 [FRN](b)(c)		10,437		10,437,505
Canadian Imperial Bank of Commerce
1.111%, 01/29/04 [FRN](b)(c)		1,663		1,663,183
Goldman Sachs Group, Inc.
1.14%, 01/06/04 [FRN](b)(c)		2,640		2,639,830
Merrill Lynch & Co., Inc.
1.13%, 01/02/04(b)		396		395,849
1.13%, 01/02/04 [FRN](b)(c)		5,103		5,102,330
Morgan Stanley
1.03%, 01/02/04 [FRN](b)(c)		4,102		4,102,201
1.08%, 01/02/04 [FRN](b)(c)		3,700		3,699,813
Natexis Banques Populaires
1.035%, 01/02/04 [FRN](b)(c)		2,145		2,145,264
1.10%, 01/02/04 [FRN](b)(c)		3,408		3,407,419
Societe Generale 1.08%, 01/02/04 [FRN](b)(c)		546		545,922
Westdeutsche Landesbank
1.13%, 01/09/04 [FRN](b)(c)		274		274,320
1.111%, 01/23/04 [FRN](b)(c)		2,089		2,088,819
1.111%, 01/29/04 [FRN](b)(c)		1,380		1,379,983

				40,143,152


	Shares		Value

Non-Registered Investment Company — 2.5%
BlackRock Institutional Money Market Trust(b)(j)		13,674,833	$	13,674,833

Registered Investment Companies — 1.2%
BlackRock Provident Institutional Funds TempCash Portfolio		3,316,264		3,316,264
BlackRock Provident Institutional Funds TempFund Portfolio		3,316,263		3,316,263

				6,632,527

	Par (000)
Repurchase Agreement — 0.3%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $1,649,462 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $2,023,707, market value including accrued interest $1,698,883)(b)	$	1,649		1,649,371
Time Deposits — 0.6%
Chase Manhattan Bank 0.875%, 01/02/04(b)		1,564		1,564,039
UBS Bank 0.938%, 01/02/04(b)		1,495		1,495,480

				3,059,519

Total Short-Term Investments
(Cost $80,000,134)				80,000,134

Total Investments — 113.8%
(Cost $578,565,154; Note 5)				616,251,823
Liabilities in Excess of Other Assets — (13.8%)				(74,759,733	)

Net Assets — 100.0%			$	541,492,090

144

AST Sanford Bernstein Managed Index 500 Portfolio

Schedule of Investments

December 31, 2003

The following abbreviations are used in portfolio descriptions:

FRN	Floating Rate Note

REIT	Real Estate Investment Trust


symbol		description
*		Non-income producing security.

(a)		Portion of securities on loan with an aggregate market value of $71,119,383; cash collateral $73,367,607 was received with which the portfolio purchased securities.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

(j)		Security available to institutional investors only.

See Notes to Financial Statements.

145

AST American Century Income & Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 98.3%*
*COMMON STOCK — 97.8%*
Aerospace — 0.1%
United Technologies Corp.	3,900	$	369,603

Airlines — 0.2%
Delta Air Lines, Inc.*(a)	9,000		106,290
Southwest Airlines Co.	22,900		369,606

			475,896

Automobile Manufacturers — 2.4%
Ford Motor Co.(a)	451,800		7,228,800
General Motors Corp.(a)	2,100		112,140

			7,340,940

Automotive Parts — 0.1%
Advance Auto Parts, Inc.*	700		56,980
American Axle & Manufacturing Holdings, Inc.*(a)	4,400		177,848

			234,828

Beverages — 0.3%
Coors (Adolph) Co. (Class “B” Stock)	17,600		987,360
PepsiCo, Inc.	600		27,972

			1,015,332

Broadcasting — 0.1%
Fox Entertainment Group, Inc. (Class “A” Stock)*	9,100		265,265

Building Materials — 0.7%
Sherwin-Williams Co. (The)	62,202		2,160,897

Business Services — 0.8%
Convergys Corp.*	61,800		1,079,028
Viad Corp.	52,600		1,315,000

			2,394,028

Chemicals — 1.7%
Engelhard Corp.	3,100		92,845
Monsanto Co.	173,400		4,990,452

			5,083,297

Computer Hardware — 3.3%
Dell, Inc.*(a)	23,000		781,080
Hewlett-Packard Co.	172,324		3,958,282
International Business Machines Corp.(a)	44,357		4,111,007
Storage Technology Corp.*	9,500		244,625
Western Digital Corp.*	75,000		884,250

			9,979,244

Computer Services & Software — 4.6%
Cisco Systems, Inc.*(a)	119,003		2,890,583
Computer Associates International, Inc.	3,000		82,020
Computer Sciences Corp.*	30,415		1,345,255
Electronic Arts, Inc.*(a)	1,900		90,782
Electronic Data Systems Corp.(a)	24,756		607,512


	Shares	Value

Microsoft Corp.(a)	286,372	$	7,886,685
Oracle Corp.*	75,700		999,240
Take-Two Interactive Software, Inc.*(a)	10,900		314,029

			14,216,106

Conglomerates — 2.5%
Altria Group, Inc.(a)	96,100		5,229,762
Cendant Corp.*(a)	41,300		919,751
Honeywell International, Inc.	3,200		106,976
Tyco International Ltd.(a)	51,185		1,356,403

			7,612,892

Construction — 0.6%
KB Home	18,100		1,312,612
NVR, Inc.*(a)	1,344		626,304

			1,938,916

Consumer Products & Services — 5.7%
Black & Decker Corp.	4,400		217,008
Fortune Brands, Inc.	32,716		2,338,867
Johnson & Johnson	82,298		4,251,515
Procter & Gamble Co.	70,644		7,055,922
Rent-A-Center, Inc.*(a)	46,250		1,381,950
Reynolds (R.J.) Tobacco Holdings, Inc.(a)	18,000		1,046,700
Whirlpool Corp.(a)	16,600		1,205,990

			17,497,952

Containers & Packaging — 0.2%
Bemis Co., Inc.	13,400		670,000

Electronic Components & Equipment — 4.6%
Arrow Electronics, Inc.*(a)	45,758		1,058,840
Avnet, Inc.*	95,453		2,067,512
Benchmark Electronics, Inc.*	21,350		743,194
Eastman Kodak Co.(a)	153,780		3,947,533
General Electric Co.	156,983		4,863,333
Sanmina-SCI Corp.*(a)	102,200		1,288,742

			13,969,154

Entertainment & Leisure — 4.1%
Disney (Walt) Co.	129,400		3,018,902
Harrah’s Entertainment, Inc.	10,100		502,677
Regal Entertainment Group (Class “A” Stock)	69,600		1,428,192
Time Warner, Inc.*(a)	298,643		5,372,588
Viacom, Inc. (Class “B” Stock)(a)	48,143		2,136,586

			12,458,945

Financial - Bank & Trust — 8.5%
Bank of America Corp.(a)	164,241		13,209,905
Bank One Corp.	14,100		642,819
First Tennessee National Corp.	17,923		790,404
Flagstar Bancorp, Inc.	13,400		287,028
FleetBoston Financial Corp.	41,100		1,794,015

146

AST American Century Income & Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

PNC Financial Services Group	30,100	$	1,647,373
UnionBanCal Corp.	37,200		2,140,488
Wachovia Corp.	59,019		2,749,695
Wells Fargo & Co.	46,200		2,720,718

			25,982,445

Financial Services — 7.4%
Citigroup, Inc.(a)	218,301		10,596,332
Fannie Mae	45,939		3,448,182
H&R Block, Inc.(a)	15,844		877,282
Lehman Brothers Holdings, Inc.(a)	2,400		185,328
MBNA Corp.	14,800		367,780
Merrill Lynch & Co., Inc.(a)	44,548		2,612,740
Morgan Stanley Dean Witter & Co.(a)	34,036		1,969,663
Washington Mutual, Inc.(a)	65,600		2,631,872

			22,689,179

Food — 2.2%
Archer-Daniels-Midland Co.	67,600		1,028,872
ConAgra Foods, Inc.	52,600		1,388,114
Sara Lee Corp.	9,500		206,245
SUPERVALU, Inc.	91,500		2,615,985
Tyson Foods, Inc. (Class “A” Stock)	106,100		1,404,764

			6,643,980

Healthcare Services — 0.9%
Health Net, Inc.*	51,900		1,697,130
Humana, Inc.*	42,927		980,882

			2,678,012

Industrial Products — 0.3%
Carlisle Companies, Inc.	8,554		520,596
RPM International, Inc.	20,400		335,784

			856,380

Insurance — 5.9%
ACE Ltd.	69,000		2,857,980
Allstate Corp. (The)	43,039		1,851,538
AmerUs Group Co.(a)	47,400		1,657,578
Berkley (W.R) Corp.	63,850		2,231,558
Fidelity National Financial, Inc.	110,441		4,282,901
First American Corp.	98,200		2,923,414
Principal Financial Group, Inc.	27,100		896,197
Protective Life Corp.	37,400		1,265,616

			17,966,782

Internet Services — 0.9%
Checkfree Corp.*(a)	8,486		234,638
EarthLink, Inc.*	57,800		578,000
Netflix, Inc.*(a)	7,100		388,299
United Online, Inc.*(a)	25,200		423,108
VeriSign, Inc.*(a)	69,400		1,131,220

			2,755,265


	Shares	Value

Machinery & Equipment — 0.2%
Briggs & Stratton Corp.	3,000	$	202,200
Eaton Corp.	2,900		313,142

			515,342

Medical Supplies & Equipment — 1.9%
Abbott Laboratories(a)	16,827		784,138
Amgen, Inc.*(a)	50,940		3,148,092
Fisher Scientific International, Inc.*(a)	8,700		359,919
Invitrogen Corp.*(a)	1,100		77,000
McKesson Corp.	46,300		1,489,008

			5,858,157

Office Equipment — 0.4%
IKON Office Solutions, Inc.	19,500		231,270
United Stationers, Inc.*(a)	24,600		1,006,632
Xerox Corp.*(a)	9,300		128,340

			1,366,242

Oil & Gas — 8.7%
Amerada Hess Corp.	1,800		95,706
ChevronTexaco Corp.	89,600		7,740,544
ConocoPhillips	30,460		1,997,262
Exxon Mobil Corp.	45,285		1,856,685
Marathon Oil Corp.	205,500		6,799,995
Occidental Petroleum Corp.	33,986		1,435,569
ONEOK, Inc.(a)	53,933		1,190,841
Schlumberger Ltd.	9,800		536,256
Sunoco, Inc.(a)	100,600		5,145,690

			26,798,548

Paper & Forest Products — 0.6%
Georgia-Pacific Corp.	6,000		184,020
Louisiana-Pacific Corp.*(a)	21,700		387,996
Rayonier, Inc.	23,626		980,715
Weyerhaeuser Co.	5,100		326,400

			1,879,131

Pharmaceuticals — 6.4%
Bristol-Myers Squibb Co.	157,400		4,501,640
Endo Pharmaceuticals Holdings, Inc.*	12,900		248,454
King Pharmaceuticals, Inc.*	64,400		982,744
Kos Pharmaceuticals, Inc.*(a)	4,200		180,768
Merck & Co., Inc.	130,299		6,019,814
Pfizer, Inc.	182,901		6,461,892
Pharmaceutical Resources, Inc.*	2,200		143,330
Valeant Pharmaceuticals International(a)	13,900		349,585
Wyeth	13,700		581,565

			19,469,792

147

AST American Century Income & Growth Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Railroads — 0.4%
Burlington Northern Santa Fe Corp.	10,000	$	323,500
CSX Corp.	5,000		179,700
Norfolk Southern Corp.	10,100		238,865
Union Pacific Corp.	7,000		486,360

			1,228,425

Real Estate — 0.8%
CBL & Associates Properties, Inc. [REIT]	11,600		655,400
Equity Office Properties Trust [REIT](a)	48,300		1,383,795
General Growth Properties, Inc. [REIT](a)	12,800		355,200
Simon Property Group, Inc. [REIT]	3,300		152,922

			2,547,317

Retail & Merchandising — 5.2%
Barnes & Noble, Inc.*(a)	28,000		919,800
Blockbuster, Inc. (Class “A” Stock)(a)	46,311		831,282
Claire’s Stores, Inc.	14,000		263,760
Federated Department Stores, Inc.	167,300		7,884,849
Gap, Inc.(a)	27,300		633,633
Home Depot, Inc.	5,834		207,049
May Department Stores Co. (The)(a)	118,000		3,430,260
RadioShack Corp.(a)	6,300		193,284
Sears, Roebuck and Co.(a)	31,600		1,437,484

			15,801,401

Semiconductors — 4.0%
Intel Corp.(a)	365,742		11,776,892
Texas Instruments, Inc.	20,300		596,414

			12,373,306

Telecommunications — 5.7%
ALLTEL Corp.	42,978		2,001,915
AT&T Corp.(a)	27,589		560,057
BellSouth Corp.	105,900		2,996,969
Motorola, Inc.	13,700		192,759
Nextel Communications, Inc. (Class “A” Stock)*(a)	94,100		2,640,446
PanAmSat Corp.*	42,200		909,832
Qualcomm, Inc.	7,500		404,475
SBC Communications, Inc.	93,800		2,445,366
Scientific-Atlanta, Inc.	9,559		260,961
Sprint Corp.(a)	132,468		2,175,125
Verizon Communications, Inc.(a)	80,965		2,840,252

			17,428,157

Transportation — 0.9%
FedEx Corp.	8,400		567,000
United Parcel Service, Inc. (Class “B” Stock)(a)	30,606		2,281,677

			2,848,677


	Shares		Value

Utilities — 4.5%
Duquesne Light Holdings, Inc.		2,000	$	36,680
Edison International Co.(a)		204,600		4,486,879
Exelon Corp.		50,912		3,378,520
Great Plains Energy, Inc.		54,700		1,740,554
OGE Energy Corp.		9,600		232,224
PG&E Corp.*(a)		11,200		311,024
Sempra Energy		21,054		632,883
TXU Corp.(a)		72,700		1,724,444
UGI Corp.		19,000		644,100
Westar Energy, Inc.		35,700		722,925

				13,910,233

Total Common Stock
(Cost $265,223,101)				299,280,066

*PREFERRED STOCK — 0.5%*
Automobile Manufacturers — 0.1%
General Motors Corp. (Class “B” Stock), 5.25% [CVT]		11,500		309,005

Financial Services — 0.2%
Ford Motor Co. Capital Trust II, 6.50%* [CVT]		9,800		547,330

Office Equipment — 0.2%
Xerox Corp., 6.125%* [CVT]		4,200		544,950

Total Preferred Stock
(Cost $1,198,965)				1,401,285

Total Long-Term Investments
(Cost $266,422,066)				300,681,351

	Par (000)
*SHORT-TERM INVESTMENTS — 36.3%*
Certificate of Deposit — 0.2%
Svenska Handelsbank, Inc.
1.39%, 10/27/04 (b)	$	546		545,614

Commercial Paper — 15.8%
Amsterdam Funding Corp.
1.10%, 01/05/04(b)		312		311,571
Cancara Asset Securitisation Ltd.
1.11%, 01/12/04(b)		1,970		1,967,890
Concord Minutemen Capital Co.
1.11%, 01/12/04(b)		5,747		5,734,277
1.13%, 02/09/04(b)		4,894		4,881,167
1.13%, 02/12/04(b)		1,154		1,150,917
Crown Point Capital Co.
1.11%, 01/09/04(b)		3,874		3,867,751
1.11%, 01/16/04(b)		11,180		11,153,125
Fairway Finance Corp.
1.11%, 02/05/04(b)		11,401		11,369,647
Lexington Parker Capital Co.
1.10%, 01/12/04(b)		1,010		1,008,430

148

AST American Century Income & Growth Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value

Monumental Global Funding
1.141%, 01/29/04 [FRN](b)(c)	$	739	$	741,016
Silver Tower U.S. Funding
1.13%, 02/02/04(b)		2,985		2,976,795
Tannehill Capital Co.
1.10%, 01/08/04(b)		1,501		1,496,578
1.11%, 01/13/04(b)		1,945		1,941,894

				48,601,058

Corporate Obligations — 11.4%
American Express Centurian
1.131%, 01/29/04 [FRN](b)(c)		230		229,652
Bear Stearns Co., Inc.
1.12%, 01/02/04 [FRN](b)(c)		412		412,005
Canadian Imperial Bank of Commerce
1.111%, 01/29/04 [FRN](b)(c)		234		234,328
General Electric Capital Corp.
1.13%, 01/02/04 [FRN](b)(c)		6,552		6,558,672
Goldman Sachs Group, Inc.
1.14%, 01/06/04 [FRN](b)(c)		198		197,764
Merrill Lynch & Co., Inc.
1.13%, 01/02/04 [FRN](b)(c)		299		299,166
1.13%, 01/02/04 [FRN](b)(c)		2,091		2,091,017
Morgan Stanley
1.03%, 01/02/04 [FRN](b)(c)		840		840,030
1.08%, 01/02/04 [FRN](b)(c)		6,342		6,341,807
Natexis Banques Populaires
1.035%, 01/02/04 [FRN](b)(c)		6,513		6,513,377
1.10%, 01/02/04 [FRN](b)(c)		3,545		3,544,032
Societe Generale
1.08%, 01/02/04 [FRN](b)(c)		6,190		6,188,937
Westdeutsche Landesbank
1.13%, 01/09/04 [FRN](b)(c)		33		33,305
1.111%, 01/23/04 [FRN](b)(c)		354		353,956
1.111%, 01/29/04 [FRN](b)(c)		906		906,023

				34,744,071



	Shares		Value
Non-Registered Investment Company — 4.6%
BlackRock Institutional Money Market Trust(b)(j)		14,139,086	$	14,139,086

	Par (000)
Repurchase Agreement — 0.4%
Merrill Lynch & Co., Inc. 1.00%, dated 12/31/03, to be repurchased on 1/02/04, repurchase price $1,246,595 (Collateralized by Federal Home Loan Mortgage Corp. 5.5% maturing 12/01/33, Federal National Mortgage Assoc. 4.0% - 6.0% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $1,529,434 market value including accrued interest $1,283,945)(b)	$	1,247	$	1,246,526

Time Deposits — 2.1%
Chase Manhattan Bank
0.875%, 01/02/04(b)		4,340		4,340,252
UBS Bank
0.938%, 01/12/04(b)		1,975		1,975,313

				6,315,565

U.S. Government Agency Obligation — 1.8%
Federal Home Loan Bank
0.70%, 01/02/04(n)		5,500		5,499,893

Total Short-Term Investments
(Cost $111,091,813)				111,091,813

Total Investments — 134.6%
(Cost $377,513,879; Note 5)				411,773,164
Liabilities in Excess of Other Assets(m) — (34.6%)				(105,962,814	)

Net Assets — 100.0%			$	305,810,350

The following abbreviations are used in portfolio descriptions:

CVT	Convertible Security

FRN	Floating Rate Note

REIT	Real Estate Investment Trust

149

AST American Century Income & Growth Portfolio

Schedule of Investments

December 31, 2003


symbol		description

*		Non-income producing security.

(a)		Portion of securities on loan with an aggregate market value of $101,700,129; cash collateral $105,591,921 was received with which the portfolio purchased securities.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

(j)		Security not available to non-institutional buyers.



(m)		Cash of $160,000 has been segregated with the custodian to cover requirements for the following open futures contracts at December 31, 2003:


Description	Expiration Month	Number of Contracts	Contracts at Trade Date Value		Contracts at Current Value		Unrealized Appreciation

Long Positions:
S&P 500	03/04	10	$	2,709,375	$	2,776,500	$	67,125



(n)		Rates shown are the effective yields at purchase date.

See Notes to Financial Statements.

150

AST Alliance Growth and Income Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 94.6%*
*COMMON STOCK*
Aerospace — 1.6%
Northrop Grumman Corp.(a)	150,000	$	14,340,000
United Technologies Corp.	150,000		14,215,500

			28,555,500

Beverages — 1.6%
Anheuser-Busch Companies, Inc.	550,000		28,974,000

Broadcasting — 1.9%
Clear Channel Communications, Inc.	375,000		17,561,250
Westwood One, Inc.*	510,000		17,447,100

			35,008,350

Building Materials — 1.0%
American Standard Companies, Inc.*	175,000		17,622,500

Business Services — 1.7%
First Data Corp.(a)	750,000		30,817,500

Cable Television — 2.8%
Comcast Corp. (Class “A” Stock)*	1,040,000		34,184,800
Comcast Corp. (Special Class “A” Stock)*(a)	555,000		17,360,400

			51,545,200

Chemicals — 0.1%
Ashland, Inc.	60,000		2,643,600

Computer Hardware — 0.4%
Hewlett-Packard Co.	350,000		8,039,500

Computer Services & Software — 1.9%
Microsoft Corp.	1,250,000		34,425,000

Conglomerates — 3.0%
Altria Group, Inc.(a)	750,000		40,815,000
Johnson Controls, Inc.	125,000		14,515,000

			55,330,000

Consumer Products & Services — 6.4%
Avon Products, Inc.	300,000		20,247,000
Colgate-Palmolive Co.	515,000		25,775,750
International Flavors & Fragrances, Inc.	142,300		4,969,116
Johnson & Johnson	325,000		16,789,500
Loews Corp. - Carolina Group	700,000		17,668,000
Procter & Gamble Co.	320,000		31,961,600

			117,410,966

Entertainment & Leisure — 6.3%
Carnival Corp.(a)	225,000		8,939,250
Harley-Davidson, Inc.(a)	600,000		28,518,000
Royal Caribbean Cruises Ltd.(a)	100,000		3,479,000
Time Warner, Inc.*(a)	1,000,000		17,990,000
Viacom, Inc. (Class “B” Stock)	1,275,000		56,584,500

			115,510,750


	Shares	Value

Financial - Bank & Trust — 6.9%
Bank of America Corp.(a)	750,000	$	60,322,500
Bank One Corp.	1,350,000		61,546,500
Commerce Bancorp, Inc.(a)	100,000		5,268,000

			127,137,000

Financial Services — 12.5%
Citigroup, Inc.(a)	1,650,000		80,091,000
Fannie Mae	425,000		31,900,500
J.P. Morgan Chase & Co.	1,400,000		51,422,000
MBNA Corp.	1,075,000		26,713,750
Merrill Lynch & Co., Inc.	215,000		12,609,750
Morgan Stanley Dean Witter & Co.	470,000		27,198,900

			229,935,900

Food — 0.7%
Dean Foods Co.*	400,000		13,148,000

Healthcare Services — 6.8%
Anthem, Inc.*(a)	400,000		30,000,000
HCA, Inc.(a)	750,000		32,220,000
Health Management Associates, Inc. (Class “A” Stock)(a)	432,400		10,377,600
Tenet Healthcare Corp.*	1,000,000		16,050,000
WellPoint Health Networks, Inc.*	375,000		36,371,250

			125,018,850

Insurance — 7.9%
ACE Ltd.	750,000		31,065,000
Allstate Corp. (The)	500,000		21,510,000
American International Group, Inc.	1,100,000		72,908,000
Axis Capital Holdings Ltd.*	123,300		3,610,224
MetLife, Inc.	450,000		15,151,500

			144,244,724

Internet Services — 0.3%
Juniper Networks, Inc.*(a)	300,000		5,604,000

Medical Supplies & Equipment — 1.1%
Alcon, Inc. (Switzerland)	185,000		11,199,900
Applera Corp. - Applied Biosystems Group(a)	457,200		9,468,612

			20,668,512

Metals & Mining — 0.4%
Alcoa, Inc.(a)	175,000		6,650,000

Oil & Gas — 10.9%
Baker Hughes, Inc.	408,300		13,130,928
BP PLC [ADR]	600,000		29,610,000
ConocoPhillips	665,000		43,604,050
Devon Energy Corp.(a)	250,000		14,315,000
Exxon Mobil Corp.	400,000		16,400,000
Kerr-McGee Corp.	600,000		27,894,000
Nabors Industries Ltd.*(a)	400,000		16,600,000
Noble Corp.*	297,400		10,640,972
Noble Energy, Inc.	175,000		7,775,250

151

AST Alliance Growth and Income Portfolio

Schedule of Investments

December 31, 2003


	Shares		Value

Occidental Petroleum Corp.		300,000	$	12,672,000
Weatherford International Ltd.*		221,600		7,977,600

				200,619,800

Pharmaceuticals — 5.8%
Cephalon, Inc.*(a)		100,000		4,841,000
MedImmune, Inc.*(a)		575,000		14,605,000
Pfizer, Inc.		1,500,000		52,995,000
Wyeth		800,000		33,960,000

				106,401,000

Railroads — 5.3%
Burlington Northern Santa Fe Corp.		1,050,000		33,967,500
Union Pacific Corp.		920,000		63,921,600

				97,889,100

Retail & Merchandising — 1.2%
Home Depot, Inc.		600,000		21,294,000

Telecommunications — 4.2%
BellSouth Corp.		550,000		15,565,000
SBC Communications, Inc.		600,000		15,642,000
Sprint Corp.(a)		1,000,000		16,420,000
Verizon Communications, Inc.		850,000		29,818,000

				77,445,000

Utilities — 1.9%
Edison International Co.		74,100		1,625,013
Entergy Corp.		250,000		14,282,500
Exelon Corp.		75,000		4,977,000
PPL Corp.(a)		325,000		14,218,750

				35,103,263

Total Long-Term Investments
(Cost $1,530,986,908)				1,737,042,015

	Par (000)
*SHORT-TERM INVESTMENTS — 20.3%*
Certificates of Deposit — 1.3%
Svenska Handelsbank, Inc.
1.39%, 10/27/04(b)	$	3,721		3,720,353
Westdeutsche Landesbank
1.50%, 01/10/04(b)		20,394		20,388,442

				24,108,795

Commercial Paper — 3.0%
Amsterdam Funding Corp.
1.10%, 01/05/04(b)		3,386		3,382,960
Cancara Asset Securitisation Ltd.
1.11%, 01/12/04(b)		1,132		1,130,803
Concord Minutemen Capital Co.
1.11%, 01/12/04(b)		6,170		6,158,990
Crown Point Capital Co.
1.11%, 01/16/04(b)		67		66,935


	Par (000)		Value

Fairway Finance Corp.
1.10%, 01/12/04(b)	$	1,296	$	1,292,196
General Electric Capital Corp.
1.11%, 02/05/04(b)		62		61,489
Lexington Parker Capital Co.
1.10%, 01/12/04(b)		3,930		3,922,090
Monumental Global Funding
1.141%, 01/29/04 [FRN](b)(c)		1,173		1,176,153
Silver Tower U.S. Funding
1.13%, 02/02/04(b)		4,952		4,937,922
Tannehill Capital Co.
1.10%, 01/08/04(b)		32,950		32,859,670

				54,989,208

Corporate Obligations — 6.8%
American Express Centurian
1.118%, 01/22/04 [FRN](b)(c)		22,263		22,263,349
Bear Stearns Co., Inc.
1.12%, 01/02/04 [FRN](b)(c)		18,940		18,939,736
General Electric Capital Corp.
1.13%, 01/02/04 [FRN](b)(c)		1,815		1,817,200
Goldman Sachs Group, Inc.
1.14%, 01/06/04 [FRN](b)(c)		7,291		7,290,637
Merrill Lynch & Co., Inc.
1.13%, 01/02/04(b)		1,714		1,714,493
1.13%, 01/02/04 [FRN](b)(c)		2,974		2,974,322
Morgan Stanley
1.03%, 01/02/04 [FRN](b)(c)		10,012		10,012,289
1.08%, 01/02/04 [FRN](b)(c)		13,285		13,285,581
Natexis Banques Populaires
1.035%, 01/02/04 [FRN](b)(c)		8,988		8,987,626
1.10%, 01/13/04 [FRN](b)(c)		13,266		13,262,362
Societe Generale
1.08%, 01/02/04 [FRN](b)(c)		11,877		11,874,154
Westdeutsche Landesbank
1.13%, 01/09/04 [FRN](b)(c)		3,204		3,203,326
1.111%, 01/29/04 [FRN](b)(c)		8,980		8,977,792

				124,602,867

	Shares
Non-Registered Investment Company — 3.2%
BlackRock Institutional Money Market Trust(b)(j)		59,511,605		59,511,605

Registered Investment Companies — 4.9%
BlackRock Provident Institutional Funds TempCash Portfolio		44,896,925		44,896,925
BlackRock Provident Institutional Funds TempFund Portfolio		44,896,925		44,896,925

				89,793,850

152

AST Alliance Growth and Income Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value

Repurchase Agreement — 0.4%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $7,144,116 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $8,765,036, market value including accrued interest $7,358,165)(b)	$	7,144	$	7,143,720


	Par (000)		Value

Time Deposits — 0.7%
Chase Manhattan Bank
0.875%, 01/02/04(b)	$	10,565	$	10,565,405
UBS Bank
0.938%, 01/02/04(b)		2,424		2,424,026

				12,989,431

Total Short-Term Investments
(Cost $373,139,476)				373,139,476

Total Investments — 114.9%
(Cost $1,904,126,384; Note 5)				2,110,181,491
Liabilities in Excess of Other Assets — (14.9%)				(273,652,267	)

Net Assets — 100.0%			$	1,836,529,224

The following abbreviations are used in portfolio descriptions:

ADR	American Depositary Receipt

FRN	Floating Rate Note


symbol		description
*		Non-income producing security.

(a)		Portions of securities on loan with an aggregate market value of $275,666,382; cash collateral $283,345,627 was received with which the portfolio purchased securities.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

(j)		Security available to institutional investors only.

See Notes to Financial Statements.

153

AST MFS Growth with Income Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 97.3%*
*COMMON STOCK*
Aerospace — 0.7%
Lockheed Martin Corp.(a)	13,040	$	670,256
United Technologies Corp.	1,500		142,155

			812,411

Airlines — 0.2%
Southwest Airlines Co.	13,300		214,662

Automobile Manufacturers — 1.0%
Bayerische Motoren Werke AG (Germany)	15,260		707,373
Porsche AG (Germany)	611		362,623

			1,069,996

Automotive Parts — 0.2%
Magna International, Inc. (Class “A” Stock)	3,030		242,552

Beverages — 1.8%
Anheuser-Busch Companies, Inc.	9,300		489,924
PepsiCo, Inc.	32,346		1,507,971

			1,997,895

Broadcasting — 1.2%
Clear Channel Communications, Inc.	27,630		1,293,913

Building Materials — 0.3%
American Standard Companies, Inc.*	3,020		304,114

Business Services — 0.8%
Accenture Ltd. (Class “A” Stock)*(a)	18,800		494,816
ARAMARK Corp. (Class “B” Stock)	14,040		384,977

			879,793

Cable Television — 1.4%
Comcast Corp. (Class “A” Stock)*	37,603		1,236,011
EchoStar Communications Corp. (Class “A” Stock)*	8,850		300,900

			1,536,911

Chemicals — 2.7%
Air Products & Chemicals, Inc.	8,110		428,451
Dow Chemical Co.	15,700		652,649
Monsanto Co.	1,600		46,048
PPG Industries, Inc.(a)	11,310		724,066
Praxair, Inc.	29,080		1,110,857

			2,962,071

Computer Hardware — 3.4%
Dell, Inc.*	6,800		230,928
Hewlett-Packard Co.	47,261		1,085,585
International Business Machines Corp.	25,400		2,354,072

			3,670,585

Computer Services & Software — 6.7%
Amdocs Ltd.*	6,800		152,864


	Shares	Value

Cisco Systems, Inc.*	114,770	$	2,787,763
Microsoft Corp.	149,200		4,108,968
Veritas Software Corp.*(a)	7,170		266,437

			7,316,032

Conglomerates — 3.0%
Altria Group, Inc.(a)	38,100		2,073,402
Tyco International Ltd.(a)	47,270		1,252,655

			3,326,057

Consumer Products & Services — 6.3%
Colgate-Palmolive Co.	7,800		390,390
Johnson & Johnson	51,450		2,657,907
Kimberly-Clark Corp.	9,090		537,128
Newell Rubbermaid, Inc.(a)	30,200		687,654
Procter & Gamble Co.	18,420		1,839,790
Reckitt Benckiser PLC (United Kingdom)	32,910		744,674

			6,857,543

Electronic Components & Equipment — 3.9%
Emerson Electric Co.(a)	8,800		569,800
General Electric Co.	103,180		3,196,516
Rockwell Automation, Inc.	7,610		270,916
STMicroelectronics NV NY Reg.	9,080		245,251

			4,282,483

Entertainment & Leisure — 3.6%
Disney (Walt) Co.	12,800		298,624
Harley-Davidson, Inc.(a)	4,100		194,873
Time Warner, Inc.*(a)	76,780		1,381,272
Viacom, Inc. (Class “B” Stock)	47,064		2,088,701

			3,963,470

Financial - Bank & Trust — 7.4%
Bank of America Corp.(a)	22,890		1,841,043
Bank of New York Co., Inc.(a)	8,500		281,520
Bank One Corp.	17,670		805,575
Golden West Financial Corp.	5,000		515,950
State Street Corp.	7,000		364,560
SunTrust Banks, Inc.	6,310		451,165
U.S. Bancorp	35,210		1,048,554
Wells Fargo & Co.	45,180		2,660,649

			7,969,016

Financial Services — 9.4%
American Express Co.	20,300		979,069
Citigroup, Inc.(a)	76,880		3,731,754
Fannie Mae	30,440		2,284,826
Goldman Sachs Group, Inc.(a)	3,470		342,593
Lehman Brothers Holdings, Inc.(a)	5,810		448,648
MBNA Corp.	16,730		415,741
Mellon Financial Corp.	11,830		379,861
Merrill Lynch & Co., Inc.	27,910		1,636,922

			10,219,414

154

AST MFS Growth with Income Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Food — 0.4%
Archer-Daniels-Midland Co.	15,640	$	238,041
Safeway, Inc.*	9,700		212,527

			450,568

Healthcare Services — 1.1%
HCA, Inc.(a)	3,900		167,544
Tenet Healthcare Corp.*	64,430		1,034,102

			1,201,646

Hotels & Motels — 0.2%
Starwood Hotels & Resorts Worldwide, Inc.	5,400		194,238

Industrial Products — 0.7%
Grainger (W.W.), Inc.(a)	8,100		383,859
Illinois Tool Works, Inc.(a)	5,170		433,815

			817,674

Insurance — 3.2%
American International Group, Inc.	18,025		1,194,696
Chubb Corp.(a)	9,270		631,287
Hartford Financial Services Group, Inc. (The)	6,330		373,660
Marsh & McLennan Companies, Inc.	7,890		377,852
MetLife, Inc.	11,600		390,572
Travelers Property Casualty Corp. (Class “A” Stock)	1		17
XL Capital Ltd. (Class “A” Stock)(a)	7,310		566,891

			3,534,975

Internet Services — 0.1%
InterActiveCorp.*(a)	4,760		161,507

Machinery & Equipment — 0.7%
Danaher Corp.(a)	3,000		275,250
Eaton Corp.	4,100		442,718

			717,968

Medical Supplies & Equipment — 4.4%
Abbott Laboratories	18,920		881,672
AmerisourceBergen Corp.	19,390		1,088,749
Applera Corp. - Applied Biosystems Group(a)	3,200		66,272
Bard (C.R.), Inc.	3,170		257,563
Baxter International, Inc.	26,270		801,760
Genzyme Corp.*(a)	10,300		508,202
Guidant Corp.	19,630		1,181,725

			4,785,943

Metals & Mining — 0.3%
BHP Billiton PLC (United Kingdom)	34,200		298,770

Office Equipment — 0.4%
Xerox Corp.*	32,800		452,640

Oil & Gas — 6.6%
BP PLC [ADR]	4,489		221,532
Encana Corp.	4,050		159,732


	Shares	Value

Encana Corp. (Canada)	8,140	$	321,254
Exxon Mobil Corp.	72,554		2,974,714
Halliburton Co.(a)	26,450		687,700
Noble Corp.*	8,140		291,249
Schlumberger Ltd.(a)	15,260		835,027
Total SA [ADR]	6,100		564,311
Transocean, Inc.	12,910		309,969
Unocal Corp.	24,400		898,652

			7,264,140

Pharmaceuticals — 6.9%
AstraZeneca Group PLC (United Kingdom)	14,190		680,783
Cardinal Health, Inc.	5,400		330,264
Gilead Sciences, Inc.*(a)	8,600		500,004
Novartis AG (Switzerland)	30,350		1,377,927
Pfizer, Inc.	35,692		1,260,998
Roche Holding AG (Switzerland)	8,450		852,345
Sanofi-Synthelabo SA (France)	5		377
Schering-Plough Corp.	54,340		944,973
Wyeth	36,840		1,563,857

			7,511,528

Printing & Publishing — 1.7%
Gannett Co., Inc.	5,050		450,258
New York Times Co. (Class “A” Stock)	28,670		1,370,139

			1,820,397

Railroads — 1.5%
Canadian National Railway Co. (Canada)	11,002		696,207
Union Pacific Corp.	14,130		981,752

			1,677,959

Restaurants — 0.3%
McDonald’s Corp.	13,940		346,130

Retail & Merchandising — 6.0%
CVS Corp.	16,310		589,117
Home Depot, Inc.	42,290		1,500,872
Kohl’s Corp.*(a)	13,660		613,880
May Department Stores Co. (The)	19,900		578,493
Target Corp.	28,400		1,090,560
TJX Companies, Inc.(a)	38,650		852,233
Wal-Mart Stores, Inc.	26,090		1,384,075

			6,609,230

Semiconductors — 2.4%
Analog Devices, Inc.	18,270		834,026
Intel Corp.	45,640		1,469,608
Texas Instruments, Inc.	10,600		311,428

			2,615,062

Telecommunications — 2.7%
AT&T Wireless Services, Inc.*(a)	60,200		480,998
KPN NV (Netherlands)*	25,200		194,531
Nokia Corp. (Class “A” Stock) [ADR](a)	13,280		225,760

155

AST MFS Growth with Income Portfolio

Schedule of Investments

December 31, 2003


	Shares		Value

SBC Communications, Inc.		24,500	$	638,715
Sprint Corp. (PCS Group)*(a)		46,520		261,442
Verizon Communications, Inc.		32,020		1,123,262

				2,924,708

Transportation — 1.3%
FedEx Corp.(a)		11,790		795,825
United Parcel Service, Inc. (Class “B” Stock)(a)		9,020		672,441

				1,468,266

Utilities — 2.4%
Dominion Resources, Inc.		14,830		946,599
Entergy Corp.		2,100		119,973
Exelon Corp.		14,860		986,110
FirstEnergy Corp.		7,500		264,000
PPL Corp.(a)		6,100		266,875

				2,583,557

Total Long-Term Investments
(Cost $95,383,806)				106,355,824


	Par (000)
*SHORT-TERM INVESTMENTS — 23.5%*
Commercial Paper — 4.2%
Cancara Asset Securitisation Ltd.
1.11%, 01/12/04(b)	$	533		532,203
Crown Point Capital Co.
1.11%, 01/16/04(b)		266		264,942
General Electric Capital Corp.
1.11%, 02/05/04(b)		782		779,842
Monumental Global Funding
1.141%, 01/29/04 [FRN](b)(c)		276		276,494
Silver Tower U.S. Funding
1.13%, 02/02/04(b)		552		549,960
Tannehill Capital Co.
1.10%, 01/08/04(b)		1,654		1,649,439
1.11%, 01/13/04(b)		556		555,409

				4,608,289

Corporate Obligations — 9.6%
American Express Centurian
1.118%, 01/22/04 [FRN](b)(c)		474		473,668
General Electric Capital Corp.
1.13%, 01/02/04 [FRN](b)(c)		53		53,373
Goldman Sachs Group, Inc.
1.14%, 01/06/04 [FRN](b)(c)		301		300,601
Merrill Lynch & Co., Inc.
1.13%, 01/02/04(b)		75		75,073
1.13%, 01/02/04 [FRN](b)(c)		2,558		2,558,383
Morgan Stanley
1.03%, 01/02/04 [FRN](b)(c)		2,711		2,710,882
1.03%, 01/02/04 [FRN](b)(c)		1,635		1,634,961
1.08%, 01/02/04 [FRN](b)(c)		161		160,873


	Par (000)		Value

Natexis Banques Populaires
1.035%, 01/02/04 [FRN](b)(c)	$	257	$	256,711
1.10%, 01/02/04 [FRN](b)(c)		1,734		1,733,475
Societe Generale 1.08%, 01/02/04 [FRN](b)(c)		497		496,802

				10,454,802


	Shares
Non-Registered Investment Company — 2.2%
BlackRock Institutional Money Market Trust(b)(j)		2,437,939		2,437,939

Registered Investment Companies
BlackRock Provident Institutional Funds TempCash Portfolio		116		116
BlackRock Provident Institutional Funds TempFund Portfolio		116		116

				232


	Par (000)
Repurchase Agreement — 0.3%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $312,821 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $383,797, market value including accrued interest $322,194)(b)	$	313		312,804

Time Deposits — 0.9%
Chase Manhatten Bank 0.875%, 01/02/04(b)		663		663,205
UBS Bank 0.938%, 01/02/04(b)		337		337,022

				1,000,227

U.S. Government Agency Obligation — 6.3%
Federal Home Loan Banks Zero coupon, 01/02/04		6,863		6,862,857

Total Short-Term Investments
(Cost $25,677,150)				25,677,150

Total Investments — 120.8%
(Cost $121,060,956; Note 5)				132,032,974
Liabilities in Excess of Other Assets — (20.8%)				(22,694,075	)

Net Assets — 100.0%			$	109,338,899

156

AST MFS Growth with Income Portfolio

Schedule of Investments

December 31, 2003

Foreign currency exchange contracts outstanding at December 31, 2003:


Settlement Month	Purchase Contracts	Contracts to Deliver	In Exchange For		Contracts at Value		Unrealized Appreciation

01/04	Buy CND	36,400	$	28,148	$	28,168	$	20
01/04	Buy CHF	161,143		129,759		130,295		536
01/04	Buy GBP	62,511		111,158		111,905		747

			$	269,065	$	270,368	$	1,303

The following abbreviations are used in portfolio descriptions:

ADR	American Depositary Receipt

CHF	Swiss Franc

CND	Canadian Dollar

FRN	Floating Rate Note

GBP	British Pound


symbol		description
*		Non-income producing security.

(a)		Portion of securities on loan with an aggregate market value of $18,213,225; cash collateral $18,814,061 was received with which the portfolio purchased securities.

(b)		Represents security purchased with cash collateral for securities on loan.

(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.

(j)		Security available to institutional investors only.

See Notes to Financial Statements.

157

AST INVESCO Capital Income Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 99.4%*
*COMMON STOCK — 88.5%*
Aerospace — 1.0%
United Technologies Corp.	69,700	$	6,605,469

Beverages — 1.8%
PepsiCo, Inc.	253,000		11,794,860

Building Materials — 1.7%
Masco Corp.(a)	395,400		10,837,914

Chemicals — 6.4%
Air Products & Chemicals, Inc.	160,600		8,484,498
DuPont (E.I.) de Nemours & Co.	167,000		7,663,630
Eastman Chemical Co.(a)	158,900		6,281,317
PPG Industries, Inc.(a)	95,700		6,126,714
Praxair, Inc.	317,800		12,139,960

			40,696,119

Computer Hardware — 1.8%
Dell, Inc.*	332,500		11,291,700

Computer Services & Software — 8.0%
Cisco Systems, Inc.*	823,900		20,012,531
EMC Corp.*(a)	230,300		2,975,476
Microsoft Corp.	775,200		21,349,008
Oracle Corp.*	535,200		7,064,640

			51,401,655

Conglomerates — 1.4%
Honeywell International, Inc.	274,100		9,163,163

Consumer Products & Services — 3.9%
Johnson & Johnson	313,000		16,169,580
Procter & Gamble Co.	86,000		8,589,680

			24,759,260

Electronic Components & Equipment — 5.6%
Emerson Electric Co.(a)	90,800		5,879,300
General Electric Co.	652,000		20,198,960
Jabil Circuit, Inc.*	345,400		9,774,820

			35,853,080

Entertainment & Leisure — 0.7%
Viacom, Inc. (Class “B” Stock)	105,400		4,677,652

Financial - Bank & Trust — 4.6%
Bank of America Corp.	152,500		12,265,575
Bank of New York Co., Inc.	257,900		8,541,648
State Street Corp.	167,000		8,697,360

			29,504,583

Financial Services — 12.1%
Citigroup, Inc.(a)	402,200		19,522,789
Fannie Mae	251,400		18,870,084
Freddie Mac	129,700		7,564,104
Goldman Sachs Group, Inc.(a)	131,400		12,973,122
MBNA Corp.	357,100		8,873,935


	Shares	Value

Morgan Stanley Dean Witter & Co.	176,800	$	10,231,416

			78,035,450

Industrial Products — 2.3%
Ingersoll-Rand Co.*	214,100		14,533,108

Insurance — 6.5%
Allstate Corp. (The)	129,700		5,579,694
American International Group, Inc.	189,800		12,579,944
MGIC Investment Corp.	50,300		2,864,082
PMI Group, Inc. (The)	238,400		8,875,632
Radian Group, Inc.	235,200		11,466,000

			41,365,352

Internet Services — 0.6%
eBay, Inc.*(a)	56,700		3,662,253

Machinery & Equipment — 2.4%
Deere & Co.	100,600		6,544,030
Eaton Corp.	81,130		8,760,417

			15,304,447

Medical Supplies & Equipment — 1.7%
Medtronic, Inc.	227,100		11,039,331

Metals & Mining — 1.5%
Phelps Dodge Corp.*(a)	123,300		9,381,897

Oil & Gas — 2.6%
Exxon Mobil Corp.	402,200		16,490,200

Paper & Forest Products — 2.6%
International Paper Co.	225,400		9,716,994
Weyerhaeuser Co.	110,300		7,059,200

			16,776,194

Pharmaceuticals — 5.3%
Pfizer, Inc.	664,920		23,491,624
Wyeth	240,000		10,188,000

			33,679,624

Retail & Merchandising — 8.0%
Bed Bath & Beyond, Inc.*	90,800		3,936,180
Home Depot, Inc.	210,800		7,481,292
Target Corp.	262,700		10,087,680
Wal-Mart Stores, Inc.	313,000		16,604,650
Walgreen Co.(a)	364,900		13,275,062

			51,384,864

Semiconductors — 4.5%
Altera Corp.*	314,600		7,141,420
Intel Corp.	525,500		16,921,100
Maxim Integrated Products, Inc.	100,600		5,009,880

			29,072,400

Telecommunications — 1.5%
Qualcomm, Inc.	175,200		9,448,536

Total Common Stock
(Cost $522,262,848)			566,759,111

158

AST INVESCO Capital Income Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

*U.S. GOVERNMENT AGENCY OBLIGATIONS — 5.9%*
Federal Home Loan Mortgage Corp.
4.00%, 12/15/11		$	2,000	$	2,048,533
4.25%, 06/15/05			8,000		8,306,936
6.25%, 07/15/32			1,500		1,636,925

					11,992,394

Federal National Mortgage Assoc.
4.465%, 12/01/33			370		375,666
4.619%, 12/01/03			885		904,067
4.783%, 11/25/33			255		262,411
5.19%, 11/01/33			390		401,554
5.50%, 09/01/33			10,486		10,630,694
7.00%, 07/15/05			12,300		13,292,818

					25,867,210

Total U.S. Government Agency Obligations
(Cost $37,683,613)					37,859,604

*CORPORATE OBLIGATIONS — 3.7%*
Automobile Manufacturers — 0.1%
Ford Motor Co., Notes
7.45%, 07/16/31	Baa1		405		410,461
General Motors Corp., Debs.
8.25%, 07/15/23	Baa1		140		159,365
Sr. Notes
7.125%, 07/15/13(a)	Baa1		215		233,094

					802,920

Broadcasting
Clear Channel Communications, Notes
3.125%, 02/01/07	Baa3		110		110,367

Cable Television — 0.2%
Comcast Cable Communications, Inc., Sr. Notes
6.75%, 01/30/11	Baa3		1,230		1,371,241

Financial Services — 1.5%
CIT Group, Inc., Sr. Notes
5.75%, 09/25/07	A2		525		566,948
General Motors Acceptance Corp., Notes
6.875%, 09/15/11	A3		585		631,066
Goldman Sachs Group, Inc., Notes
4.75%, 07/15/13	Aa3		1,200		1,171,695
Household Finance Co., Notes
6.75%, 05/15/11	A1		1,000		1,127,399
J.P. Morgan Chase & Co., Sub. Notes
6.75%, 02/01/11	A2		1,000		1,129,198


	Moody’s Rating (Unaudited)	Par (000)		Value

Lehman Brothers Holdings, Notes
3.50%, 08/07/08	A1	$	1,000	$	994,793
MBNA Corp., Notes
6.125%, 03/01/13	Baa2		600		645,395
Morgan Stanley, Notes
5.30%, 03/01/13	Aa3		1,000		1,023,349
Pemex Project Funding Master Trust, Gtd. Notes
8.00%, 11/15/11	Baa1		425		477,063
PNC Funding Corp., Bonds
5.25%, 11/15/15	A3		600		595,892
Washington Mutual, Inc., Notes
4.00%, 01/15/09	A3		665		666,907
6.875%, 06/15/11	A3		800		908,521

					9,938,226

Food — 0.1%
Kraft Foods, Inc., Notes
5.25%, 10/01/13	A3		520		525,680

Oil & Gas — 0.1%
Duke Energy Field Services Corp., Notes
8.125%, 08/16/30	Baa2		450		551,771

Paper & Forest Products — 0.2%
Weyerhaeuser Co., Notes
6.75%, 03/15/12	Baa2		970		1,059,892

Real Estate — 0.2%
Simon Property Group L.P., Notes
6.35%, 08/28/12	Baa2		1,000		1,088,491

Restaurants — 0.1%
Tricon Global Restaurants, Inc., Sr. Notes
8.875%, 04/15/11	Ba1		270		328,725

Telecommunications — 0.4%
Deutsche Telekom International Finance BV, Gtd. Notes (Netherlands)
8.75%, 06/15/30(l)	Baa3		700		897,394
France Telecom SA, Notes (France)
9.75%, 03/01/31(l)	Baa3		75		99,993
Sprint Capital Corp., Gtd. Notes
8.75%, 03/15/32	Baa3		800		948,410
Telecom Italia Capital, Gtd. Notes (Italy)
5.25%, 11/15/13 144A(l)	Baa2		930		933,987

					2,879,784

159

AST INVESCO Capital Income Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Utilities — 0.8%
Columbus Southern Power Series C, Sr. Notes
5.50%, 03/01/13	A3	$	1,000	$	1,037,409
Jersey Central Power & Light Co., 1st Mortgage
7.98%, 02/16/23	A2		1,500		1,558,411
Penn Power Co., 1st Mortgage
8.50%, 07/15/22	Baa1		1,000		1,040,318
PPL Energy Supply LLC, Sr. Notes
6.40%, 11/01/11	Baa2		215		235,240
PSE&G Power Co., Gtd. Notes
7.75%, 04/15/11	Baa1		850		1,002,924

					4,874,302

Total Corporate Obligations
(Cost $22,932,111)					23,531,399

*ASSET BACKED SECURITIES — 0.4%*
Accredited Mortgage Loan Trust Series 2003-3 Class A3
1.50%, 11/25/03	Aaa		796		797,552
Chase Funding Mortgage Loan Trust Series 2003-6 Class 2A2
1.41%, 11/25/03	Aaa		800		803,327
Citifinancial Mortgage Securities, Inc. Series 2003-4 Class AV1
1.42%, 11/25/03	Aaa		793		792,558
Vanerbilt Mortgage Finance Series 2002-B Class A4
5.84%, 12/01/03	Aaa		225		220,620

(Cost $2,615,328)					2,614,057

*U.S. TREASURY OBLIGATION — 0.4%*
U.S. Treasury Notes
6.00%, 02/15/26
(Cost $2,198,765)			2,025		2,246,247

*COLLATERALIZED MORTGAGE OBLIGATIONS — 0.2%*
MLCC Mortgage Investors, Inc. Series 2003-G Class A1
1.49%, 01/25/29	Aaa		798		797,546
Structured Asset Securities Corp. Series 2004-1AC Class A1
1.00%, 01/25/34	Aaa		620		637,534

(Cost $1,434,015)					1,435,080


	Moody’s Rating (Unaudited)	Par (000)		Value

*SOVEREIGN ISSUE — 0.2%*
Mexico
United Mexican States
7.50%, 01/14/12
(Cost $983,973)	Baa2	$	900	$	1,017,450

*CONVERTIBLE BOND — 0.1%*
Ford Motor Credit Corp.
7.25%, 10/25/11(a)
(Cost $456,690)	A3		465		505,079

Total Long-Term Investments
(Cost $590,567,343)					635,968,027

*SHORT-TERM INVESTMENTS — 5.3%*
Commercial Paper — 0.9%
Concord Minutemen Capital Co.
1.10%, 02/10/04(b)			517		515,683
General Electric Capital Corp.
1.11%, 02/05/04(b)			165		164,780
Tannehill Capital Co.
1.10%, 01/08/04(b)			4,778		4,764,816

					5,445,279

Corporate Obligations — 1.8%
Bear Stearns Co., Inc.
1.12%, 01/02/04 [FRN](b)(c)			4,509		4,509,414
Canadian Imperial Bank of Commerce
1.111%, 01/29/04 [FRN](b)(c)			1,893		1,892,694
Merrill Lynch & Co., Inc.
1.13%, 01/02/04 [FRN](b)(c)			4,426		4,425,561
1.13%, 01/02/04(b)			15		14,939
Morgan Stanley
1.03%, 01/02/04 [FRN](b)(c)			687		686,947
Natexis Banques Populaires
1.035%, 01/02/04 [FRN](b)(c)			504		503,584

					12,033,139

160

AST INVESCO Capital Income Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Non-Registered Investment Company — 1.8%
BlackRock Institutional Money Market Trust(b)(j)	11,399,535	$	11,399,535

Registered Investment Company — 0.7%
BlackRock Provident Institutional Funds TempCash Portfolio	4,341,417		4,341,417


	Par (000)
Repurchase Agreement
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $62,249 (Collateralized by Federal Home Loan Mortgage Corp. 5.5% maturing 12/01/33, Federal National Mortgage Assoc. 4.0% - 6.0% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $76,373, market value including accrued interest $64,115)(b)	$ 62		62,246

Time Deposits — 0.1%
Chase Manhattan Bank
0.875%, 01/02/04(b)	520		519,857
UBS Bank
0.938%, 01/02/04(b)	388		388,199

			908,056

Total Short-Term Investments
(Cost $34,189,672)			34,189,672

Total Investments — 104.7%
(Cost $624,757,015; Note 5)			670,157,699
Liabilities in Excess of Other Assets — (4.7%)			(30,045,858	)

Net Assets — 100.0%		$	640,111,841

The following abbreviation is used in portfolio descriptions:

FRN	Floating Rate Note


symbol		description
*		Non-income producing security.
(a)		Portion of securities on loan with an aggregate market value of $29,117,630; cash collateral $29,848,255 was received with which the portfolio purchased securities.
(b)		Represents security purchased with cash collateral for securities on loan.
(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.
(j)		Security not available to non-institutional buyers.
(l)		US$ Denominated Foreign Bonds.

See Notes to Financial Statements.

The following abbreviation is used in portfolio descriptions:

144A Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted 144A securities are deemed to be liquid.

161

AST DeAM Global Allocation Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 99.1%*
REGISTERED INVESTMENT COMPANIES
AST DeAM Bond Portfolio	9,061,593	$	95,690,421
AST DeAM International Equity Portfolio*	2,768,726		30,871,298
AST DeAM Large-Cap Growth Portfolio*	6,182,877		63,250,829
AST DeAM Large-Cap Value Portfolio	6,340,454		62,453,467


	Shares	Value
AST DeAM Small-Cap Growth Portfolio*	661,575	$	5,047,813
AST DeAM Small-Cap Value Portfolio	461,174		5,119,033

Total Investments — 99.1%
(Cost $248,066,031; Note 5)			262,432,861
Other Assets in Excess of Liabilities — 0.9%			2,374,893

Net Assets — 100.0%		$	264,807,754


symbol		description
*		Non-income producing security.

See Notes to Financial Statements.

162

AST American Century Strategic Balanced Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 97.4%*
*COMMON STOCK — 59.9%*
Aerospace — 0.3%
United Defense Industries, Inc.*	22,283	$	710,382

Airlines — 0.1%
Southwest Airlines Co.	14,549		234,821

Automobile Manufacturers — 1.2%
Ford Motor Co.(a)	183,292		2,932,672

Automotive Parts — 0.5%
Advance Auto Parts, Inc.*	8,092		658,688
American Axle & Manufacturing Holdings, Inc.*(a)	11,442		462,486

			1,121,174

Beverages — 0.4%
Coors (Adolph) Co. (Class “B” Stock)	4,007		224,793
PepsiAmericas, Inc.	5,509		94,314
PepsiCo, Inc.	12,651		589,789

			908,896

Broadcasting — 0.4%
Fox Entertainment Group, Inc. (Class “A” Stock)*	33,213		968,159

Building Materials — 0.4%
Sherwin-Williams Co. (The)	24,052		835,566

Business Services — 0.6%
Convergys Corp.*	34,730		606,386
Viad Corp.	31,790		794,750

			1,401,136

Chemicals — 1.1%
Engelhard Corp.	7,361		220,462
Monsanto Co.	46,145		1,328,053
Sigma-Aldrich Corp.(a)	18,069		1,033,185

			2,581,700

Computer Hardware — 1.8%
Dell, Inc.*	19,310		655,768
Hewlett-Packard Co.	25,783		592,236
International Business Machines Corp.	27,434		2,542,582
Western Digital Corp.*	46,148		544,085

			4,334,671

Computer Services & Software — 3.1%
Cisco Systems, Inc.*	82,564		2,005,480
Computer Sciences Corp.*	8,356		369,586
Microsoft Corp.	172,936		4,762,657
Oracle Corp.*	10,149		133,967

			7,271,690

Conglomerates — 1.4%
Altria Group, Inc.(a)	27,474		1,495,134
Cendant Corp.*(a)	47,173		1,050,543


	Shares	Value

Tyco International Ltd.(a)	31,389	$	831,809

			3,377,486

Construction — 0.9%
KB Home	15,437		1,119,491
NVR, Inc.*(a)	2,306		1,074,596

			2,194,087

Consumer Products & Services — 4.9%
Black & Decker Corp.(a)	21,662		1,068,370
Energizer Holdings, Inc.*	12,443		467,359
Gillette Co.	56,842		2,087,807
Hasbro, Inc.	38,743		824,451
Johnson & Johnson	38,977		2,013,552
Procter & Gamble Co.	31,399		3,136,133
Rent-A-Center, Inc.*(a)	37,014		1,105,978
Reynolds (R.J.) Tobacco Holdings, Inc.	19,387		1,127,354

			11,831,004

Electronic Components & Equipment — 1.6%
Avnet, Inc.*	54,766		1,186,232
Benchmark Electronics, Inc.*	12,498		435,055
Eastman Kodak Co.(a)	32,669		838,613
General Electric Co.	20,617		638,715
Sanmina-SCI Corp.*	53,221		671,117

			3,769,732

Entertainment & Leisure — 2.3%
Disney (Walt) Co.	40,798		951,817
Regal Entertainment Group (Class “A” Stock)	22,980		471,550
Time Warner, Inc.*(a)	164,008		2,950,504
Viacom, Inc. (Class “B” Stock)	22,256		987,721

			5,361,592

Exchange Traded Funds — 0.8%
iShares GS $ InvesTop Corporate Bond Fund	17,500		1,934,975

Financial - Bank & Trust — 3.9%
Bank of America Corp.(a)	49,123		3,950,963
PNC Financial Services Group	5,015		274,471
UnionBanCal Corp.	9,064		521,543
Wachovia Corp.	61,176		2,850,190
Wells Fargo & Co.	15,791		929,932
Zions Bancorporation	10,516		644,946

			9,172,045

Financial - Brokerage — 0.1%
Legg Mason, Inc.	1,795		138,538

Financial Services — 5.1%
American Express Co.	14,048		677,535
Citigroup, Inc.(a)	71,996		3,494,687

163

AST American Century Strategic Balanced Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Fannie Mae	13,785	$	1,034,702
H&R Block, Inc.(a)	25,108		1,390,230
Lehman Brothers Holdings, Inc.	21,332		1,647,257
MBNA Corp.	73,135		1,817,405
Merrill Lynch & Co., Inc.	4,440		260,406
New Century Financial Corp.	5,019		199,104
Washington Mutual, Inc.	40,703		1,633,004

			12,154,330

Food — 1.2%
Archer-Daniels-Midland Co.	2,020		30,744
SUPERVALU, Inc.	55,803		1,595,408
Tyson Foods, Inc. (Class “A” Stock)	97,251		1,287,603

			2,913,755

Healthcare Services — 0.7%
Health Net, Inc.*(a)	45,074		1,473,920
Humana, Inc.*	12,212		279,044

			1,752,964

Industrial Products
Carlisle Companies, Inc.	1,134		69,015

Insurance — 3.6%
ACE Ltd.	1,255		51,982
Allstate Corp. (The)	1,271		54,678
American International Group, Inc.	3,804		252,129
Berkley (W.R) Corp.	35,277		1,232,931
Fidelity National Financial, Inc.	61,840		2,398,156
First American Corp.	57,196		1,702,725
Odyssey Re Holdings Corp.(a)	12,187		274,817
Principal Financial Group, Inc.	49,835		1,648,043
Protective Life Corp.	22,424		758,828

			8,374,289

Internet Services — 0.2%
EarthLink, Inc.*	23,818		238,180
United Online, Inc.*(a)	8,621		144,747

			382,927

Machinery & Equipment — 0.1%
Briggs & Stratton Corp.	2,493		168,028

Medical Supplies & Equipment — 1.7%
Abbott Laboratories	3,993		186,074
ALARIS Medical Systems, Inc.*	2,072		31,515
Amgen, Inc.*	34,914		2,157,686
Beckman Coulter, Inc.	17,035		865,889
Becton, Dickinson & Co.	117		4,813
Dade Behring Holdings, Inc.*	2,333		83,381
Guidant Corp.	10,195		613,739
IDEXX Laboratories, Inc.*	326		15,087
McKesson Corp.	501		16,112

			3,974,296

Office Equipment — 0.6%
United Stationers, Inc.*	35,044		1,434,000


	Shares	Value

Oil & Gas — 4.1%
ChevronTexaco Corp.	30,549	$	2,639,128
Devon Energy Corp.	884		50,618
Exxon Mobil Corp.	42,136		1,727,576
Marathon Oil Corp.	44,901		1,485,774
Schlumberger Ltd.(a)	32,631		1,785,568
Sunoco, Inc.(a)	36,851		1,884,929

			9,573,593

Paper & Forest Products — 0.6%
Georgia-Pacific Corp.	2,470		75,755
Louisiana-Pacific Corp.*(a)	54,027		966,003
Weyerhaeuser Co.	6,137		392,768

			1,434,526

Pharmaceuticals — 3.2%
Endo Pharmaceuticals Holdings, Inc.*	38,806		747,404
King Pharmaceuticals, Inc.*	30,000		457,800
Kos Pharmaceuticals, Inc.*	1,612		69,380
Merck & Co., Inc.	8,659		400,046
Mylan Laboratories, Inc.	24,476		618,264
Pfizer, Inc.	113,693		4,016,773
Pharmaceutical Resources, Inc.*	4,405		286,986
Valeant Pharmaceuticals International(a)	16,905		425,161
Wyeth	10,061		427,089

			7,448,903

Railroads — 0.1%
Union Pacific Corp.	3,335		231,716

Real Estate — 0.1%
General Growth Properties, Inc. [REIT]	6,600		183,150

Restaurants — 0.4%
CBRL Group, Inc.	849		32,483
McDonald’s Corp.	32,168		798,731

			831,214

Retail & Merchandising — 4.2%
Barnes & Noble, Inc.*(a)	22,519		739,749
Blockbuster, Inc. (Class “A” Stock)(a)	55,629		998,541
Claire’s Stores, Inc.	14,032		264,363
Federated Department Stores, Inc.	58,894		2,775,675
Gap, Inc.(a)	48,126		1,117,005
May Department Stores Co. (The)	19,974		580,644
RadioShack Corp.(a)	21,937		673,027
Saks, Inc.*	16,068		241,663
Sears, Roebuck and Co.(a)	17,529		797,394
Staples, Inc.*	26,273		717,253
Wal-Mart Stores, Inc.	17,323		918,985

			9,824,299

Semiconductors — 2.5%
Intel Corp.	170,290		5,483,338
Texas Instruments, Inc.	17,593		516,882

			6,000,220

164

AST American Century Strategic Balanced Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Telecommunications — 2.9%
ALLTEL Corp.	16,513	$	769,176
AT&T Corp.(a)	6,434		130,610
BellSouth Corp.	40,391		1,143,065
CenturyTel, Inc.(a)	2,911		94,957
Nextel Communications, Inc. (Class “A” Stock)*(a)	69,992		1,963,976
PanAmSat Corp.*	21,190		456,856
Scientific-Atlanta, Inc.	9,858		269,123
Sprint Corp.(a)	71,909		1,180,746
Verizon Communications, Inc.	25,111		880,894

			6,889,403

Transportation — 0.5%
FedEx Corp.(a)	1,300		87,750
United Parcel Service, Inc. (Class “B” Stock)(a)	13,493		1,005,903

			1,093,653

Utilities — 2.3%
Edison International Co.	98,700		2,164,490
Exelon Corp.	23,462		1,556,938
Great Plains Energy, Inc.	8,693		276,611
PG&E Corp.*	1,236		34,324
TXU Corp.(a)	61,173		1,451,024
UGI Corp.	1,245		42,206

			5,525,593

Total Common Stock
(Cost $122,567,002)			141,340,200



	Par (000)

*U.S. GOVERNMENT AGENCY OBLIGATIONS — 14.6%*
Federal Home Loan Bank
1.875%, 06/15/06(a)	$	3,000	2,973,704
Federal Home Loan Mortgage Corp.
5.25%, 01/15/06		2,200	2,341,315
5.50%, 12/01/33		670	678,646
6.50%, 06/01/16		532	563,281
7.00%, 06/01/14 - 08/01/29		520	555,109

			4,138,351

Federal National Mortgage Assoc.
1.51%, 07/25/17 [FRB](c)		685	686,251
3.25%, 08/15/08		300	297,930
5.50%, 02/15/06 - 08/01/33(a)		10,394	10,649,657
6.00%, 12/01/13 - 09/25/32		9,404	9,730,537
6.50%, 01/01/32 - 08/01/32		814	852,289
6.625%, 10/15/07		700	789,994


	Moody’s Rating (Unaudited)	Par (000)		Value

7.00%, 05/01/11 - 01/15/34		$	2,688	$	2,849,640
7.50%, 03/01/27 - 09/01/30			249		266,953

					26,123,251

Government National Mortgage Assoc.
6.00%, 04/15/28 - 05/15/28			206		214,244
6.50%, 03/15/28 - 04/15/28			169		178,909
7.00%, 12/15/27 - 05/15/31			539		575,829
7.50%, 05/15/30			151		162,347
8.00%, 03/15/27			11		11,746
8.75%, 01/15/27 - 04/15/27			28		31,222

					1,174,297

Total U.S. Government Agency Obligations
(Cost $34,010,704)					34,409,603

*U.S. TREASURY OBLIGATIONS — 10.0%*
U.S. Treasury Bonds
5.50%, 08/15/28			1,300		1,354,490
5.375%, 02/15/31(a)			1,255		1,309,172

					2,663,662

U.S. Treasury Notes
1.625%, 03/31/05(a)			6,300		6,323,631
2.375%, 08/15/06(a)			3,000		3,017,112
3.00%, 02/15/08(a)			4,400		4,421,828
3.375%, 11/15/08(a)			1,400		1,411,540
4.25%, 08/15/13(a)			5,850		5,859,144

					21,033,255

Total U.S. Treasury Obligations
(Cost $23,614,806)					23,696,917

*CORPORATE OBLIGATIONS — 9.9%*
Automobile Manufacturers — 0.3%
General Motors Corp., Notes
7.20%, 01/15/11(a)	Baa1		675		743,185

Broadcasting — 0.3%
Liberty Media Corp., Sr. Notes
2.67%, 09/17/06 [VR] (c)	Baa3		450		455,247
News America Holdings Co., Gtd. Notes
7.75%, 01/20/24	Baa3		150		176,284

					631,531

Cable Television — 0.4%
Comcast Cable Communications Corp., Notes
8.375%, 05/01/07	Baa3		350		406,142
Comcast Corp., Gtd. Notes
5.50%, 03/15/11	Baa3		200		208,254
Cox Communications, Inc., Notes
6.75%, 03/15/11	Baa2		250		283,639

					898,035

165

AST American Century Strategic Balanced Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Chemicals — 0.2%
Crompton Corp., Sr. Notes
8.50%, 03/15/05	Ba2	$	450	$	472,500

Consumer Products & Services — 0.2%
Dial Corp. (The), Sr. Notes
7.00%, 08/15/06	Baa3		400		442,931

Containers & Packaging — 0.1%
Ball Corp., Gtd. Notes
7.75%, 08/01/06	Ba3		250		270,000

Diversified — 1.4%
Lehman Brothers Targeted Return Index Securities Trust Series 10-2002, Sec’d Notes [TRAINS]
6.829%, 01/15/12 144A(cost $1,355,575; purchased 05/23/02 -08/14/02)(e)(g)	A3		1,278		1,449,214
Series L-2002, Sec’d Notes [TRAINS]
7.754%, 11/15/31 144A(cost $607,681; purchased 04/14/03)(e)(g)	Baa1		504		604,164
Morgan Stanley Traded Custody Receipts Series 2002-2, Notes [TRACERS]
7.282%, 03/01/32 144A(cost $1,183,080; purchased 03/15/02 -08/28/02)(f)(g)	Baa1		1,122		1,312,614

					3,365,992

Entertainment & Leisure — 0.3%
Disney (Walt) Co., Notes
5.50%, 12/29/06	Baa1		400		429,230
Park Place Entertainment, Inc., Sr. Sub. Notes
7.875%, 12/15/05	Ba2		300		322,125

					751,355

Environmental Services — 0.2%
Waste Management, Inc., Notes
7.00%, 10/15/06	Baa3		400		441,273

Financial - Bank & Trust — 0.6%
Bank of America Corp.,
Sub. Notes
4.75%, 08/15/13(a)	Aa3		400		393,585
Sr. Notes
4.375%, 12/01/10	Aa2		600		602,402
U.S. Bancorp, Sr. Notes
2.75%, 03/30/06	Aa3		400		405,145

					1,401,132


	Moody’s Rating (Unaudited)	Par (000)		Value

Financial - Brokerage — 0.5%
Credit Suisse First Boston, Inc., Notes
1.45%, 06/19/06 [FRN](c)	Aa3	$	300	$	300,713
Goldman Sachs Group, Inc., Notes
5.25%, 10/15/13	Aa3		250		252,881
Merrill Lynch & Co., Inc., Notes
2.07%, 06/12/06	Aa3		350		348,160
3.70%, 04/21/08	Aa3		350		352,631

					1,254,385

Financial Services — 2.5%
American General Finance, Notes
4.50%, 11/15/07	A1		300		313,274
American International Group, Inc., Notes
4.25%, 05/15/13 144A(cost $298,580; purchased 05/08/03)(g)	AAA(d)		300		285,093
Citigroup, Inc., Sub. Notes
7.25%, 10/01/10	Aa2		600		700,286
Deutsche Telekom International Finance BV, Gtd. Notes (Netherlands)
8.50%, 06/15/10(l)	Baa3		250		302,743
Diageo Capital PLC, Notes (United Kingdom)
3.375%, 03/20/08(a)(l)	A2		350		348,053
Ford Motor Credit Co., Notes
1.351%, 04/28/05 [FRN](c)	A3		600		594,564
1.62%, 06/30/05 [FRN](c)	A3		250		248,127
6.875%, 02/01/06	A3		600		640,695
5.625%, 10/01/08	A3		200		206,480
7.00%, 10/01/13	A3		200		211,309
Sr. Notes
5.80%, 01/12/09	A3		275		283,516
General Electric Capital Corp., Sr. Notes
4.25%, 12/01/10	Aaa		230		229,201
General Motors Acceptance Corp., Notes
3.18%, 03/04/05 [FRN](c)	A3		400		406,377
Morgan Stanley, Notes
4.25%, 05/15/10	Aa3		400		399,989
Pemex Project Funding Master Trust, Gtd. Notes
7.375%, 12/15/14	Baa1		300		321,750
Wells Fargo & Co., Sub. Notes
4.95%, 10/16/13	Aa2		300		299,958

					5,791,415

166

AST American Century Strategic Balanced Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Food — 0.1%
Cadbury Schweppes US Finance LLC, Notes
5.125%, 10/01/13 144A(cost $298,516; purchased 10/08/03)(g)	Baa2	$	300	$	298,612

Insurance — 0.1%
Monumental Global Funding II, Notes
3.85%, 03/03/08 144A (cost $350,000; purchased 02/05/03)(g)	Aa3		350		353,466

Medical Supplies & Equipment — 0.3%
Beckman Coulter, Inc., Gtd. Notes
7.45%, 03/04/08	Baa3		400		453,124
Schering-Plough Corp., Notes
5.30%, 12/01/13	A3		150		152,969

					606,093

Oil & Gas — 0.1%
Anadarko Petroleum Corp., Debs.
7.95%, 04/15/29	Baa1		250		308,991

Paper & Forest Products — 0.1%
Abitibi-Consolidated, Inc., Gtd. Notes
7.875%, 08/01/09	Ba1		200		216,577

Restaurants — 0.3%
Tricon Global Restaurants, Inc., Sr. Notes
8.875%, 04/15/11	Ba1		650		791,375

Retail & Merchandising — 0.4%
Delhaize America, Inc., Gtd. Notes
7.375%, 04/15/06	Ba1		300		324,000
Safeway, Inc., Notes
6.15%, 03/01/06	Baa2		350		374,686
Toys “R” Us, Inc., Notes
7.375%, 10/15/18	Baa3		150		150,229

					848,915

Telecommunications — 0.7%
AT&T Broadband Corp., Gtd. Notes
8.375%, 03/15/13	Baa3		48		58,848
AT&T Corp., Notes
6.00%, 03/15/09	Baa2		5		5,396
AT&T Wireless Services, Inc., Sr. Notes
7.875%, 03/01/11	Baa2		100		115,422


	Moody’s Rating (Unaudited)		Par (000)		Value

British Telecom PLC, Notes (United Kingdom)
7.00%, 05/23/07(l)	Baa1		$	270	$	301,446
EchoStar DBS Corp., Sr. Notes
9.375%, 02/01/09	Ba3			500		529,375
Verizon New England, Inc., Notes
4.75%, 10/01/13	Aa3			300		291,259
Vodafone Group PLC, Notes (United Kingdom)
5.00%, 12/16/13(l)	A2			300		299,456

						1,601,202

Utilities — 0.8%
CenterPoint Energy Resources Corp., Debs.
6.50%, 02/01/08	Ba1			100		107,223
Dominion Resources, Inc., Notes
4.125%, 02/15/08	Baa1			300		306,013
Progress Energy, Inc., Sr. Notes
7.10%, 03/01/11	Baa2			300		338,565
Sempra Energy Co., Notes
6.00%, 02/01/13	Baa1			150		159,643
Tampa Electric Co., Notes
6.375%, 08/15/12	Baa1			300		322,792
Virginia Electric & Power Co., Notes
5.25%, 12/15/15	A3			300		301,692
Sr. Notes
5.75%, 03/31/06	A3			250		267,815

						1,803,743

Total Corporate Obligations
(Cost $22,400,488)						23,292,708

*ASSET BACKED SECURITIES — 1.5%*
AQ Finance NIM Trust Series 2003-N11 Class A
7.143%, 10/25/33	BBB+	(d)		74		74,704
Argent Securities, Inc. Series 2003-W3 Class AF3
3.991%, 09/25/30	Aaa			550		561,691
Asset Backed Funding Corp. NIM Trust Series 2003-OPT1 Class N1
7.00%, 07/26/33	BBB+	(d)		77		77,599
Bayview Financial Acquisition Trust Series 1998-B Class M1 [FRB]
2.51%, 06/25/36 144A (cost $190,352; purchased 06/13/03)(c)(g)	Aa2			189		188,632

167

AST American Century Strategic Balanced Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)		Par (000)		Value

Bayview Financial Acquisition Trust
Series 2002-DA Class M1
1.97%, 08/25/32 144A(cost $177,356; purchased 09/19/03)(g)	Aa2		$	177	$	177,867
Chase Funding Mortgage Loan Asset-Backed Series 2001-1 Class 2M2 [FRB]
2.071%, 12/25/30(c)	A2			200		200,791
CIT RV Trust Series 1998-A Class A4
6.09%, 02/15/12	Aaa			122		123,639
Ford Credit Auto Owner Trust Series 2002-A Class B
4.79%, 11/15/06	A1			350		361,148
Household Mortgage Loan Trust
Series 2002-HC1 Class M [FRB]
1.77%, 05/20/32(c)	Aa2			303		303,722
Series 2003-HC2 Class M
1.72%, 06/20/33	Aa2			316		317,950
Long Beach Mortgage Loan Trust Series 2001-2 Class M2
2.07%, 07/25/31	A2			420		415,398
Morgan Stanley ABS Capital I Series 2003-NC9N
7.60%, 07/25/33 144A(cost $69,688; purchased 10/29/03)(g)	NR			70		69,688
Residential Asset Mortgage Products, Inc. Series 2001-RS2 Class MII1 [FRB]
1.67%, 06/25/31(c)	Aa2			200		200,523
Series 2003-RZ4 Class A4
4.04%, 12/25/30	Aaa			500		499,197

Total Asset Backed Securities (Cost $3,544,137)						3,572,549

*COLLATERALIZED MORTGAGE OBLIGATIONS — 0.8%*
Chase Mortgage Finance Corp. Series 2001-S3 Class A1
6.50%, 07/25/16	Aaa			63		63,332
Commercial Mortgage Acceptance Corp. Series 1998-C2 Class X
1.47%, 09/15/30	AAA	(d)		7,905		356,171
Credit-Based Asset Servicing and Securitization Series 2001-CB2 Class A2F
5.974%, 03/25/19	Aaa			18		17,947
GMAC Commercial Mortgage Securities, Inc. Series 2002-C2 Class A1
4.321%, 10/15/38	Aaa			522		539,848


	Moody’s Rating (Unaudited)		Par (000)		Value

Master Alternative Loans Trust Series 2003-8 Class 4A1
7.00%, 12/25/33	AAA	(d)	$	623	$	654,033
Morgan Stanley Capital I Series 1998-WF1 Class A1
6.25%, 03/15/30	AAA	(d)		38		38,984
NationsLink Funding Corp. Series 1998-2 Class A1
6.00%, 08/20/30	Aaa			119		125,912

Total Collateralized Mortgage Obligations
(Cost $1,745,045)						1,796,227

*MUNICIPAL BONDS — 0.4%*
Illinois — 0.2%
Illinois State
5.10%, 06/01/33	Aa3			600		551,682

New Jersey — 0.2%
New Jersery State Turnpike
4.252%, 01/01/16	Aaa			400		382,304

Total Municipal Bonds
(Cost $1,007,059)						933,986

*SOVEREIGN ISSUES — 0.3%*
Canada
Province of Ontario
3.50%, 09/17/07(a)
(Cost $696,942)	Aa2			700		712,018

Total Long-Term Investments
(Cost $209,586,183)						229,754,208

*SHORT-TERM INVESTMENTS — 31.1%*
Commercial Paper — 1.9%
Cancara Asset Securitisation Ltd.
1.11%, 01/12/04(b)				355		354,566
Concord Minutemen Capital Co.
1.11%, 01/12/04(b)				1,049		1,046,904
1.13%, 02/09/04(b)				443		442,246
General Electric Capital Corp.
1.11%, 02/05/04(b)				1,829		1,824,363
Tannehill Capital Co.
1.10%, 01/08/04(b)				845		842,330
1.11%, 01/13/04(b)				63		62,874

						4,573,283

Corporate Obligations — 7.2%
Bear Stearns Co., Inc.
1.12%, 01/02/04 [FRN](b)(c)				2,867		2,867,073

Goldman Sachs Group, Inc.
1.14%, 01/06/04 [FRN](b)(c)				545		545,465

168

AST American Century Strategic Balanced Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value
Merrill Lynch & Co., Inc.
1.13%, 01/02/04(b)	$	806	$	805,907
1.13%, 01/02/04 [FRN](b)(c)		1,744		1,743,505
Morgan Stanley
1.03%, 01/02/04 [FRN](b)(c)		3,159		3,158,989
1.08%, 01/02/04 [FRN](b)(c)		205		204,543
Natexis Banques Populaires
1.035%, 01/02/04 [FRN](b)(c)		1,341		1,340,949
1.10%, 01/02/04 [FRN](b)(c)		4,018		4,016,553
Westdeutsche Landesbank
1.13%, 01/09/04 [FRN](b)(c)		2,249		2,248,623

				16,931,607

	Shares
Non-Registered Investment Company — 11.6%
BlackRock Institutional Money Market Trust(b)(j)		27,020,659		27,020,659

	Par (000)
Repurchase Agreement — 1.4%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 1/02/04, repurchase price $3,358,134 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $4,120,057, market value including accrued interest $3,458,748)(b)	$	3,358		3,357,947


	Par (000)		Value
Time Deposits — 0.5%
Chase Manhattan Bank
0.875%, 01/02/04 (b)	$	692	$	692,364
UBS Bank
0.938%, 01/02/04 (b)		544		543,722

				1,236,086

U.S. Government Agency Obligation — 8.5%
Federal Home Loan Bank
0.70%, 01/02/04(n)		20,106		20,105,609

Total Short-Term Investments
(Cost $73,225,191)				73,225,191

Total Investments — 128.5%
(Cost $282,811,374; Note 5)				302,979,399
Liabilities in Excess of Other Assets(m) — (28.5%)				(67,161,104	)

Net Assets — 100.0%			$	235,818,295

The following abbreviations are used in portfolio descriptions:

144A	Security was purchased pursuant to Rule 144A under the securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted 144A securities are deemed to be liquid.

FRB	Floating Rate Bond

FRN	Floating Rate Note

IO	Interest Only

REIT	Real Estate Investment Trust

VR	Variable Rate Bond


symbol		description
*		Non-income producing security.
(a)		Portion of securities on loan with an aggregate market value $51,499,664; cash collateral $53,119,582 was received with which the portfolio purchased securities.
(b)		Represents security purchased with cash collateral for securities on loan.

169

AST American Century Strategic Balanced Portfolio

Schedule of Investments

December 31, 2003


symbol		description
(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.
(d)		Standard & Poor’s rating.
(e)		A TRAIN (Targeted Return Index Securities Trust) is a trust established pursuant to a series trust agreement. Each registered holder of certificates issued by the TRAIN is a beneficial owner of a fractional undivided interest in the TRAIN and is entitled to receive a pro rata share of interest and other amounts or property distributed. Rate shown reflects the weighted average rate of the underlying securities as of December 31, 2003.
(f)		A TRACER (Traded Custody Receipts) are custody receipts that evidence direct ownership of a basket of securities consisting initially of $1,000 principal amount of each of 25 debt securities (underlying securities). Holders of TRACERS will be entitled to receive distributions of interest, principal and other payments on each underlying security following the receipt by the Custodian of payment from the issuer of the underlying security.
(g)		Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $4,530,828. The aggregate value, $4,808,943 represents 2.04% of net assets.
(j)		Security available to institutional investors only.
(l)		US$ Denominated Foreign Bonds.
(m)		Cash of $144,000 has been segregated with the custodian to cover requirements for the following open futures contracts at December 31, 2003:


Description	Expiration Month	Number of Contracts	Contracts at Trade Date Value		Contracts at Current Value		Unrealized Appreciation

Long Positions:
S&P 500	03/04	7	$	1,864,713	$	1,943,550	$	78,837


(n)		Rates shown are the effective yields at purchase date.

See Notes to Financial Statements.

170

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

*LONG-TERM INVESTMENTS — 97.9%*
*COMMON STOCK — 64.6%*
Advertising — 0.1%
Lamar Advertising Co.*(a)	1,200	$	44,784
Publicis Groupe SA (France)	5,322		172,522
WPP Group PLC [ADR]	2,800		137,620

			354,926

Aerospace — 0.7%
Boeing Co.	13,800		581,532
European Aeronautic Defence and Space Co. (France)	9,750		231,821
General Dynamics Corp.	1,400		126,546
Herley Industries, Inc.*	2,000		41,400
Lockheed Martin Corp.(a)	6,200		318,680
MTC Technologies, Inc.*	2,000		64,440
Northrop Grumman Corp.	2,900		277,240
Raytheon Co.	5,800		174,232
Rockwell Collins, Inc.	2,400		72,072
Triumph Group, Inc.*	1,500		54,600
United Technologies Corp.	7,400		701,298

			2,643,861

Airlines — 0.1%
Atlantic Coast Airlines Holdings, Inc.*	2,000		19,800
Delta Air Lines, Inc.*(a)	10,000		118,100
Frontier Airlines, Inc.*	13,000		185,380
Qantas Airways Ltd. (Australia)	32,969		81,725
SkyWest, Inc.	6,000		108,720

			513,725

Automobile Manufacturers — 1.0%
Fuji Heavy Industries Ltd. (Japan)	26,000		126,155
General Motors Corp.(a)	16,800		897,119
Honda Motor Co. Ltd. (Japan)	4,900		217,636
Mitsubishi Corp. (Japan)	26,000		275,600
Navistar International Corp.*(a)	3,000		143,670
Oshkosh Truck Corp.	9,900		505,197
Porsche AG (Germany)	450		267,071
PSA Peugeot Citroen SA (France)	3,708		188,955
Toyota Motor Corp. (Japan)	23,900		807,297
Volkswagen AG (Germany)	5,903		328,730

			3,757,430

Automotive Parts — 0.3%
Autoliv AB (Sweden)	9,100		345,267
Autoliv, Inc.	3,500		131,775
Denso Corp. (Japan)	9,600		189,008
Genuine Parts Co.	5,100		169,320
Koito Manufacturing Co. Ltd. (Japan)	15,000		90,977
O’ Reilly Automotive, Inc.*	4,900		187,964

			1,114,311


	Shares	Value

Beverages — 1.5%
Allied Domecq PLC (United Kingdom)	31,004	$	239,214
Anheuser-Busch Companies, Inc.	11,000		579,480
Boston Beer Co., Inc. (Class “A” Stock)*	1,700		30,838
Coca-Cola Co.	40,300		2,045,226
Cott Corp. (Canada)*	11,300		316,513
Davide Campari-Milano SPA (Italy)	2,600		126,261
Kirin Brewery Co. Ltd. (Japan)	28,000		238,798
Lion Nathan Ltd. (New Zealand)	46,393		207,733
PepsiCo, Inc.	29,600		1,379,952
Remy Cointreau SA (France)	3,963		129,967

			5,293,982

Broadcasting — 0.7%
Astro All Asia Networks PLC
(Malaysia)* 144A (cost $49,855; purchased 10/13/03)(g)	46,200		53,738
British Sky Broadcasting PLC (United Kingdom)*	18,283		230,088
Clear Channel Communications, Inc.	18,500		866,356
Cox Radio, Inc. (Class “A” Stock)*	3,200		80,736
Emmis Communications Corp. (Class “A” Stock)*	800		21,640
Fuji Television Network, Inc. (Japan)	26		140,711
Liberty Media Corp. (Class “A” Stock)*(a)	26,624		316,559
Meredith Corp.	2,100		102,501
News Corp. Ltd. (Australia)	16,483		148,905
News Corp. Ltd. [ADR](a)	4,200		151,620
Radio One, Inc. (Class “D” Stock)*	4,200		81,060
Scripps (E.W.) Co. (Class “A” Stock)	1,000		94,140
Univision Communications, Inc. (Class “A” Stock)*(a)	5,760		228,614
Westwood One, Inc.*	2,400		82,104

			2,598,772

Building & Real Estate — 0.1%
United Dominion Realty Trust [REIT]	9,600		184,320

Building Materials — 0.6%
Aggregate Industries PLC (United Kingdom)	121,878		186,545
American Standard Companies, Inc.*	1,800		181,260
Boral Ltd. (Australia)	120,484		461,155
Cemex SA de CV (Mexico)	51,951		271,607
Central Glass Co. Ltd. (Japan)	15,900		100,293
Heidelberger Zement AG (Germany)*	1,840		77,773
Italcement SPA (Italy)	7,736		96,505
Masco Corp.	7,000		191,870
Pilkington PLC (United Kingdom)	113,525		194,590
RMC Group PLC (United Kingdom)	14,925		186,359
SCP Pool Corp.*	5,075		165,851

			2,113,808

171

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Schedule of Investments

December 31, 2003


	Shares	Value

Business Services — 1.0%
Accenture Ltd. (Class “A” Stock)*(a)	6,700	$	176,344
Advisory Board Co.*	2,000		69,820
BearingPoint, Inc.*	23,700		239,133
ChoicePoint, Inc.*	5,066		192,964
Corporate Executive Board Co.*	4,000		186,680
Exult, Inc.*	64,300		457,816
Fair Isaac Corp.	2,665		131,011
First Data Corp.(a)	12,100		497,190
Fiserv, Inc.*	4,400		173,844
Forrester Research, Inc.*	3,000		53,610
Indra Sistemas SA (Spain)	16,116		206,735
InterCept Group, Inc.*	1,400		15,806
Iron Mountain, Inc.*(a)	2,950		116,643
Kamigumi Co. Ltd. (Japan)	24,000		169,749
Manpower, Inc.	3,400		160,072
Paychex, Inc.	11,800		438,960
Robert Half International, Inc.*	3,700		86,358
Tech Data Corp.*	2,800		111,132

			3,483,867

Cable Television — 0.3%
Cable & Wireless PLC (United Kingdom)*	86,091		205,745
Comcast Corp. (Class “A” Stock)*	5,221		171,614
Cox Communications, Inc. (Class “A” Stock)*(a)	2,473		85,195
EchoStar Communications Corp. (Class “A” Stock)*	16,100		547,401
Hughes Electronics Corp.*	9,055		149,860

			1,159,815

Capital Goods
Saurer AG (Switzerland)*	1,904		84,520

Chemicals — 1.2%
Agrium, Inc. (Canada)	15,500		255,130
Arch Chemicals, Inc.	4,150		106,489
BASF AG (Germany)	7,504		421,958
Cabot Corp.	8,200		261,088
Cabot Microelectronics Corp.*	849		41,601
Degussa AG (Germany)	11,248		393,283
Dow Chemical Co.	23,500		976,895
DuPont (E.I.) de Nemours & Co.	6,959		319,349
Great Lakes Chemical Corp.(a)	1,300		35,347
IMC Global, Inc.*	40,000		397,200
Kaneka Corp. (Japan)	40,000		298,591
Millennium Chemicals, Inc.*(a)	12,600		159,768
Minerals Technologies, Inc.	900		53,325
Mitsubishi Gas Chemical Co., Inc. (Japan)	29,000		98,768
Potash Corp. of Saskatchewan, Inc. (Canada)	4,100		354,568
Symyx Technologies, Inc.*	5,700		117,135


	Shares	Value

Valspar Corp.	1,300	$	64,246
Waters Corp.*	3,200		106,112

			4,460,853

Clothing & Apparel — 0.2%
Adidas-Salomon AG (Germany)	1,316		149,893
Coach, Inc.*	4,400		166,100
Sanyo Shokai Ltd. (Japan)	13,000		84,184
Too, Inc.*	5,300		89,464
Yue Yuen Industrial Holdings Ltd. (Hong Kong)	76,000		209,001

			698,642

Computer Hardware — 1.7%
Dell, Inc.*	57,200		1,942,512
Hewlett-Packard Co.	62,685		1,439,874
Insight Enterprises, Inc.*	5,100		95,880
International Business Machines Corp.	19,150		1,774,822
Itochu Techno-Science Corp. (Japan)	6,600		205,692
Lexmark International, Inc.*	6,000		471,840
Mercury Computer Systems, Inc.*	7,900		196,710
Storage Technology Corp.*	6,100		157,075

			6,284,405

Computer Services & Software — 3.8%
Adobe Systems, Inc.(a)	11,800		463,740
Aeroflex, Inc.*	4,000		46,760
Affiliated Computer Services, Inc. (Class “A” Stock)*(a)	1,300		70,798
Barra, Inc.	2,000		70,980
Black Box Corp.	1,000		46,070
Borland Software Corp.*	3,000		29,190
Brocade Communications Systems, Inc.*	4,700		27,166
Cadence Design Systems, Inc.*	14,600		262,508
CDW Corp.	5,400		311,904
Ceridan Corp.*	3,100		64,914
Cisco Systems, Inc.*	122,200		2,968,237
Creative Technology Ltd. (Singapore)	7,500		79,050
DST Systems, Inc.*(a)	13,800		576,288
FactSet Research Systems, Inc.(a)	2,000		76,420
Global Payments, Inc.	1,500		70,680
Henry (Jack) & Associates, Inc.	3,600		74,088
Intuit, Inc.*(a)	8,400		444,444
Logica PLC (United Kingdom)	26,186		120,123
Macrovision Corp.*	6,700		151,353
Mercury Interactive Corp.*(a)	5,700		277,248
Microsoft Corp.	173,300		4,772,681
NEC Soft Ltd. (Japan)	3,900		103,168
Oracle Corp.*	69,400		916,080
Pinnacle Systems, Inc.*	5,100		43,503
SAP AG (Germany)	3,001		504,015
Serena Software, Inc.*(a)	4,300		78,905
Siebel Systems, Inc.*(a)	12,400		171,988

172

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

SRA International, Inc.*	1,200	$	51,720
Symantec Corp.*(a)	4,400		152,460
Thiel Logistik AG (Germany)*	6,546		35,587
TIBCO Software, Inc.*	7,400		50,098
Trend Micro, Inc. (Japan)*	3,000		80,480
Veritas Software Corp.*(a)	8,000		297,280
Websense, Inc.*	2,000		58,480

			13,548,406

Conglomerates — 1.8%
3M Co.	3,000		255,090
Altria Group, Inc.	40,900		2,225,778
Cycle & Carriage Ltd. (Singapore)	8,379		28,616
Davis Service Group PLC (United Kingdom)	35,063		236,323
DCC PLC (Ireland)	11,544		157,551
Honeywell International, Inc.	25,900		865,837
Hutchison Whampoa Ltd. (Hong Kong)	57,400		423,277
ITT Industries, Inc.	1,400		103,894
Jenoptik AG (Germany)	11,459		125,748
Mitsubishi Heavy Industries Ltd. (Japan)	67,000		186,302
Norsk Hydro ASA (Norway)	2,979		183,814
SembCorp Industries Ltd. (Singapore)	328,000		243,349
Sumitomo Corp. (Japan)	25,000		186,386
Tyco International Ltd.(a)	54,100		1,433,650

			6,655,615

Construction — 0.3%
Balfour Beatty PLC (United Kingdom)	13,998		54,753
Beazer Homes USA, Inc.	400		39,064
D.R. Horton, Inc.	2,714		117,408
Eiffage SA (France)	921		109,316
Grupo Acciona SA (Spain)	4,222		256,953
Insituform Technologies, Inc. (Class “A” Stock)*	2,400		39,600
JGC Corp. (Japan)	15,000		156,480
Toll Brothers, Inc.*(a)	3,400		135,184

			908,758

Consumer Products & Services — 2.4%
Bausch & Lomb, Inc.	4,300		223,170
Black & Decker Corp.(a)	1,500		73,980
Clorox Co.	6,056		294,079
Colgate-Palmolive Co.	7,700		385,385
Dollar Thrifty Automotive Group, Inc.*	3,700		95,978
Fancl Corp. (Japan)	1,700		48,222
Fortune Brands, Inc.	5,000		357,450
Gillette Co.	13,700		503,201
Hasbro, Inc.	14,700		312,816
Jakks Pacific, Inc.*	4,500		59,220
Johnson & Johnson	40,046		2,068,777
Kao Corp. (Japan)	6,900		140,356
Kimberly-Clark Corp.	7,200		425,448
L’Oreal SA (France)	1,599		131,099


	Shares	Value

Lancaster Colony Corp.	1,950	$	88,062
Newell Rubbermaid, Inc.(a)	23,000		523,710
Olympus Optical Co. Ltd. (Japan)	2,000		43,389
Orkla ASA (Class “A” Stock) (Norway)	4,580		102,576
Procter & Gamble Co.	25,100		2,506,989
Rent-A-Center, Inc.*(a)	1,250		37,350
SEB SA (France)	792		98,900
ServiceMaster Co.(a)	3,800		44,270

			8,564,427

Containers & Packaging — 0.1%
Smurfit-Stone Container Corp.*(a)	3,100		57,567
Toyo Seikan Kaisha, Ltd. (Japan)	10,000		139,778

			197,345

Electronic Components & Equipment — 2.3%
Agere Systems, Inc. (Class “B” Stock)*	5,000		14,500
AVX Corp.	3,400		56,508
C & D Technologies, Inc.	2,700		51,759
Cable Design Techologies Corp.*	2,500		22,475
Fanuc Ltd. (Japan)	4,400		263,581
General Electric Co.	149,700		4,637,707
Gentex Corp.(a)	3,200		141,312
Hosiden Corp. (Japan)	9,000		102,622
Jabil Circuit, Inc.*	5,500		155,650
Konica Minolta Holdings, Inc. (Japan)	9,000		121,013
Kyocera Corp. (Japan)	1,600		106,597
Littelfuse, Inc.*	2,600		74,932
Mitsumi Electric Co. Ltd. (Japan)	9,100		100,196
NEC Electronics Corp. (Japan)144A* (cost $42,883; purchased 07/14/03)(g)	1,200		87,786
Neopost SA (France)	2,209		111,453
Pioneer Corp. (Japan)	11,100		306,578
Plexus Corp.*	10,000		171,700
Rambus, Inc.*	5,300		162,710
Sagem SA (France)	2,077		222,517
Siemens AG (Germany)	7,020		562,274
Sony Corp. (Japan)	7,000		242,325
Sumitomo Electric Industries Ltd. (Japan)	15,000		134,086
TDK Corp. (Japan)	2,800		201,698
Technitrol, Inc.*	1,500		31,110
Ultimate Electronics, Inc.*	4,600		35,098

			8,118,187

Entertainment & Leisure — 1.2%
Alliance Gaming Corp.*	1,000		24,650
Brunswick Corp.	6,500		206,895
Carnival Corp.(a)	13,900		552,247
Disney (Walt) Co.	35,892		837,360
International Game Technology(a)	8,200		292,740
Mandalay Resort Group	1,900		84,968
Multimedia Games, Inc.*	3,300		135,630
Park Place Entertainment Corp.*	8,000		86,640
Station Casinos, Inc.	2,700		82,701

173

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Time Warner, Inc.*	47,700	$	858,123
Viacom, Inc. (Class “B” Stock)	20,300		900,915
Whitbread PLC (United Kingdom)	18,993		244,463
Wynn Resorts Ltd.*(a)	2,400		67,224

			4,374,556

Environmental Services — 0.2%
Waste Connections, Inc.*	2,100		79,317
Waste Management, Inc.	17,559		519,746

			599,063

Farming & Agriculture
Sunopta, Inc.*	4,400		40,612

Financial - Bank & Trust — 6.0%
ABN AMRO Holding NV (Netherlands)	8,324		194,766
Anglo Irish Bank Corp. (Ireland)	31,073		490,317
Australia & New Zealand Banking Group Ltd. (Australia)	39,739		529,362
Australia & New Zealand Banking Group Ltd. [ADR]	2,500		167,125
Banc Nazionale del Lavoro (Italy)*	74,483		178,034
Banca Intesa SPA (Italy)	66,352		259,449
Banco Santander Central Hispano SA (Spain)	39,691		470,104
Banco Santander Chile [ADR]	17,878		425,139
Bank of America Corp.(a)	19,760		1,589,297
Bank of Yokohama Ltd. (Japan)	55,000		255,575
BankAtlantic Bancorp, Inc. (Class “A” Stock)	8,700		165,300
Banknorth Group, Inc.	3,900		126,867
Barclays PLC (United Kingdom)	103,287		921,264
BNP Paribas SA (France)	9,818		618,207
BPI-SGPS SA (Portugal)	36,459		134,284
Bradford & Bingley PLC (United Kingdom)	50,940		278,131
Charter One Financial, Inc.	3,500		120,925
Comerica, Inc.	25,700		1,440,742
Commerce Bancshares, Inc.	2,880		141,178
Community First Bankshares, Inc.	4,700		136,018
Compass Bancshares, Inc.	4,000		157,240
Credito Italiano SPA (Italy)	54,436		293,877
DBS Groupo Holdings (Singapore)	17,236		149,190
Deutsche Bank AG (Germany)	4,476		370,930
Dexia (France)	10,638		182,891
East West Bancorp, Inc.	2,800		150,304
First Tennessee National Corp.	2,400		105,840
FleetBoston Financial Corp.	9,056		395,294
HBOS PLC (United Kingdom)	34,021		440,633
HSBC Holdings PLC (United Kingdom)	28,143		442,340
Jyske Bank SA (Denmark)*	3,290		173,887
M&T Bank Corp.	1,500		147,450
Macquarie Bank Ltd. (Australia)	10,899		292,013


	Shares	Value

Mercantile Bankshares Corp.	3,700	$	168,646
National Austrailia Bank Ltd. (Australia)	28,434		641,636
National Commerce Financial Corp.	4,100		111,848
Nordea AB (Sweden)	75,152		564,008
Popular, Inc.	1,600		71,904
Royal Bank of Scotland (United Kingdom)	23,532		693,394
Skandianaviska Enskilda Banken (Sweden)	22,205		327,120
Southwest Bancorporation of Texas, Inc.	2,700		104,895
State Street Corp.	9,600		499,968
Sumitomo Mitsui Financial Group, Inc. (Japan)	51		271,727
Svenska Handlesbanken (Class “A” Stock) (Sweden)	19,454		397,445
Synovus Financial Corp.	5,300		153,276
TCF Financial Corp.	2,100		107,835
Texas Regional Bancshares, Inc. (Class “A” Stock)	4,015		148,555
The 77 Bank Ltd. (Japan)	25,000		140,898
U.S. Bancorp	68,600		2,042,908
UCBH Holdings, Inc.	5,500		214,335
Wachovia Corp.	36,400		1,695,876
Wells Fargo & Co.	13,000		765,570
Wilmington Trust Corp.	3,700		133,200

			21,199,017

Financial — Brokerage
Legg Mason, Inc.(a)	2,100		162,078

Financial Services — 4.8%
Aiful Corp. (Japan)	2,400		175,572
Alliance & Leicester PLC (United Kingdom)	27,121		431,132
American Express Co.	24,400		1,176,812
Citigroup, Inc.	85,641		4,157,013
Concord EFS, Inc.*	5,500		81,620
Credit Suisse Group (Switzerland)	10,050		367,708
Doral Financial Corp.	2,625		84,735
Eaton Vance Corp.	8,300		304,112
Fannie Mae	14,000		1,050,840
First Marblehead Corp.*	1,100		24,068
Franklin Resources, Inc.	3,500		182,210
Freddie Mac	13,200		769,824
Goldman Sachs Group, Inc.(a)	9,500		937,935
Grupo Financiero Banorte S.A. de C.V. (Mexico)	74,200		257,519
IndyMac Bancorp, Inc.	2,400		71,496
ING Groep NV (Netherlands)	13,509		315,062
Investment Technology Group, Inc.*	2,250		36,338
Investors Financial Services Corp.(a)	7,300		280,393
J.P. Morgan Chase & Co.	52,188		1,916,864
Janus Capital Group, Inc.	10,300		169,023
Lehman Brothers Holdings, Inc.	5,100		393,822
MBNA Corp.	14,100		350,385

174

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Schedule of Investments

December 31, 2003


	Shares	Value

Mellon Financial Corp.	10,300	$	330,733
Merrill Lynch & Co., Inc.	15,400		903,210
Moody’s Corp.	2,500		151,375
Morgan Stanley Dean Witter & Co.(a)	18,300		1,059,021
National Financial Partners Corp.	4,800		132,240
Nomura Securities Co. Ltd. (Japan)	13,000		221,377
Schwab (Charles) Corp.	23,800		281,792
SLM Corp.	8,800		331,584
Waddell & Reed Financial, Inc. (Class “A” Stock)	7,200		168,912

			17,114,727

Food — 1.0%
Associated British Foods PLC (United Kingdom)	19,807		207,073
Campbell Soup Co.(a)	8,900		238,520
Compass Group PLC (United Kingdom)	36,901		251,023
CSM NV (Netherlands)	6,268		137,093
Dean Foods Co.*	1,950		64,097
General Mills, Inc.(a)	9,400		425,820
Heinz (H.J.) Co.	3,550		129,327
Horizon Organic Holding Corp.*	2,000		47,900
Kraft Foods, Inc. (Class “A” Stock)	3,500		112,770
Nestle SA (Switzerland)	1,715		428,489
Performance Food Group Co.*(a)	1,400		50,638
Sainsbury (J.) PLC (United Kingdom)	78,400		438,939
Sysco Corp.	10,500		390,915
Tootsie Roll Industries, Inc.	2,055		73,980
Unilever PLC (United Kingdom)	55,064		513,319
United Natural Foods, Inc.*	700		25,137
Whole Foods Market, Inc.*(a)	1,100		73,843
Wrigley (Wm., Jr.) Co.	2,000		112,420
Yamazaki Baking Co. Ltd. (Japan)	7,000		58,067

			3,779,370

Furniture
La-Z-Boy, Inc.	3,700		77,626

Healthcare Services — 0.8%
Anthem, Inc.*(a)	2,400		180,000
Caremark Rx, Inc.*(a)	4,300		108,919
Community Health Systems, Inc.*	3,000		79,740
Coventry Health Care, Inc.*	1,500		96,735
DaVita, Inc.*	2,500		97,500
First Health Group Corp.*	5,400		105,084
HCA, Inc.(a)	9,500		408,120
Laboratory Corp. of America Holdings*	10,700		395,365
LifePoint Hospitals, Inc.*(a)	3,000		88,350
Medco Health Solutions, Inc.*	2,484		84,431
Omnicare, Inc.	6,600		266,574
Triad Hospitals, Inc.*	1,478		49,173
United Surgical Partners International, Inc.*	3,600		120,528
UnitedHealth Group, Inc.(a)	15,800		919,244

			2,999,763


	Shares	Value

Hotels & Motels
Fairmont Hotels & Resorts, Inc.	2,600	$	70,564

Industrial Products — 0.6%
Actuant Corp.*	10,400		376,480
Draka Holdings (Netherlands)*	3,654		71,900
Harsco Corp.	1,700		74,494
Illinois Tool Works, Inc.	6,600		553,806
Maverick Tube Corp.*	4,000		77,000
Mohawk Industries, Inc.*(a)	500		35,270
Nucor Corp.(a)	13,300		744,800
Steel Dynamics, Inc.*	7,300		171,477

			2,105,227

Insurance — 3.2%
Allianz AG (Germany)	2,524		318,620
American International Group, Inc.	40,130		2,659,817
Aviva PLC (United Kingdom)	25,690		225,462
AXA Asia Pacific Holdings (Australia)	110,154		237,367
China Life Insurance Co. [ADR]*(a)	10,100		332,997
CNP Assurances (France)	6,579		342,559
Gallagher (Arthur J.) & Co.	1,600		51,984
Hannover Rueckversicherungs AG (Germany)	3,844		134,404
Hartford Financial Services Group, Inc. (The)	6,600		389,598
Horace Mann Educators Corp.	3,000		41,910
Marsh & McLennan Companies, Inc.	10,400		498,056
Max Re Capital Ltd.	4,900		109,956
Mercury General Corp.	1,000		46,550
Mitsui Marine & Fire (Japan)	42,000		344,873
Ohio Casualty Corp.*	10,700		185,752
PICC Property and Casualty Co. Ltd. (Hong Kong)* 144A (cost $2,810; purchased 10/31/03)(g)	12,000		5,371
PMI Group, Inc. (The)	3,400		126,582
Principal Financial Group, Inc.	9,600		317,472
Protective Life Corp.	4,600		155,664
Prudential PLC (United Kingdom)	24,899		210,497
QBE Insurance Group Ltd. (Australia)	38,083		304,152
Radian Group, Inc.(a)	9,300		453,375
Riunione Adriatica di Sicurta SPA (Italy)	16,436		279,876
Safeco Corp.	29,200		1,136,756
Scottish Annuity & Life Holdings Ltd.	3,600		74,808
St. Paul Companies, Inc.	9,600		380,640
StanCorp Financial Group, Inc.	1,600		100,608
Travelers Property Casualty Corp. (Class “B” Stock)	107,400		1,822,578
Triad Guaranty, Inc.*	3,600		181,260
UnumProvident Corp.	8,600		135,622
WellChoice, Inc.*	1,900		65,550

			11,670,716

175

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Schedule of Investments

December 31, 2003


	Shares	Value

Internet Services — 0.6%
Digital Insight Corp.*	4,100	$	102,090
EarthLink, Inc.*	10,600		106,000
InterActiveCorp.*(a)	12,700		430,911
Networks Associates, Inc.*	14,800		222,592
Priceline.com, Inc.*	8,600		153,940
VeriSign, Inc.*	22,200		361,860
Yahoo!, Inc.*(a)	16,300		736,271

			2,113,664

Machinery & Equipment — 0.4%
Cooper Cameron Corp.*(a)	1,200		55,920
Danaher Corp.(a)	3,700		339,475
Deere & Co.	5,900		383,795
Eaton Corp.	1,900		205,162
Grant Prideco, Inc.*	9,400		122,388
Nordson Corp.	2,200		75,966
Pall Corp.	5,800		155,614
Singulus Technologies AG (Germany)*	4,961		104,501
Stanley Works	2,700		102,249
Tecumseh Products Co. (Class “A” Stock)	1,400		67,802

			1,612,872

Medical Supplies & Equipment — 1.9%
Abbott Laboratories	24,200		1,127,720
AmerisourceBergen Corp.	1,600		89,840
Amgen, Inc.*	23,400		1,446,120
Apogent Technologies, Inc.*	3,700		85,248
Bard (C.R.), Inc.	1,500		121,875
Baxter International, Inc.	8,200		250,264
Boston Scientific Corp.*	18,000		661,680
Charles River Laboratories International, Inc.*	1,100		37,763
Computer Programs and Systems, Inc.	7,500		150,900
Cytyc Corp.*	7,600		104,576
DENTSPLY International, Inc.	2,550		115,184
Digene Corp.*	1,000		40,100
Elekta AB (Sweden)*	5,863		110,003
Guidant Corp.	4,500		270,900
Invitrogen Corp.*(a)	1,562		109,340
Medtronic, Inc.	19,100		928,451
Patterson Dental Co.*	1,000		64,160
Shimadzu Corp. (Japan)	42,000		173,612
St. Jude Medical, Inc.*	4,200		257,670
STERIS Corp.*	5,000		113,000
Stryker Corp.(a)	3,600		306,036
Techne Corp.*	1,800		68,004
Zimmer Holdings, Inc.*	3,000		211,200

			6,843,646

Metals & Mining — 0.9%
Alcoa, Inc.(a)	15,200		577,600
Anglo American PLC (United Kingdom)	8,984		194,119


	Shares	Value

BHP Steel Ltd. (Australia)	109,702	$	462,867
Broken Hill Proprietary Co. Ltd. (Australia)	16,800		154,300
Gerdau SA [ADR]	28,210		570,406
Newmont Mining Corp.	6,900		335,409
Nippon Steel Corp. (Japan)	146,000		313,334
SKF AB (Sweden)	4,921		190,129
SSAB Svenskt Stal AB Series A (Sweden)	13,586		242,631
Voestalpine AG (Austria)	3,319		135,222

			3,176,017

Office Equipment — 0.2%
Buhrmann NV (Netherlands)*	10,384		90,506
Canon, Inc. (Japan)	8,000		372,493
Herman Miller, Inc.	4,800		116,496

			579,495

Oil & Gas — 4.2%
Amerada Hess Corp.	4,300		228,631
Anadarko Petroleum Corp.	4,006		204,346
Australia Gas & Light (Australia)	26,153		221,287
Baker Hughes, Inc.	6,300		202,608
BP PLC [ADR]	9,800		483,630
British Petroleum Co. PLC (United Kingdom)	34,736		281,689
Centrica PLC (United Kingdom)	96,020		362,690
ChevronTexaco Corp.	14,961		1,292,481
Compania Espanola de Petroleos SA (Spain)	12,885		446,944
Devon Energy Corp.(a)	2,400		137,424
Eni SPA [ADR](a)	3,100		294,438
ENSCO International, Inc.	1,000		27,170
Ente Nazionale Idrocarburi SPA (Italy)	8,914		168,206
EOG Resources, Inc.	1,600		73,872
Exxon Mobil Corp.	111,266		4,561,905
FMC Technologies, Inc.*	11,659		271,655
Grey Wolf, Inc.*	22,600		84,524
Helmerich & Payne, Inc.	1,500		41,895
Marathon Oil Corp.	4,300		142,287
Murphy Oil Corp.	6,100		398,391
National Fuel Gas Co.	3,400		83,096
Newfield Exploration Co.*	2,600		115,804
Occidental Petroleum Corp.	2,300		97,152
OMV AG (Austria)	198		29,490
Patterson-UTI Energy, Inc.*	3,500		115,220
Petroleo Brasileiro SA [ADR]	11,700		311,922
Pioneer Natural Resources Co.*	4,700		150,071
Schlumberger Ltd.	12,100		662,112
Shell Transport & Trading Co. [ADR]	20,100		905,103
Shell Transport & Trading Co. PLC (United Kingdom)	43,786		325,685
Smedvig ASA (Class “A” Stock) (Norway)	4,672		35,464

176

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Statoil ASA (Sweden)	35,546	$	399,390
Tokyo Gas Co. Ltd. (Japan)	29,000		103,368
Tom Brown, Inc.*	3,800		122,550
Tonen General Sekiyu K.K. (Japan)	10,000		82,766
Total SA [ADR]	4,300		397,793
TotalFinaElf SA (France)	4,599		855,061
Transocean, Inc.*(a)	10,039		241,036
Valero Energy Corp.	1,500		69,510
WGL Holdings, Inc.	3,000		83,370
Woodside Petroleum Ltd. (Australia)	14,327		159,761

			15,271,797

Paper & Forest Products — 0.4%
Bowater, Inc.(a)	3,600		166,716
International Paper Co.	9,500		409,545
MeadWestvaco Corp.	7,900		235,025
Paperlinx (Australia)	47,240		177,253
Potlatch Corp.	7,600		264,252
Weyerhaeuser Co.	3,500		224,000

			1,476,791

Personal Services — 0.2%
Apollo Group, Inc. (Class “A” Stock)*(a)	3,200		217,600
Career Education Corp.*	1,600		64,112
Corinthian Colleges, Inc.*	1,200		66,672
DeVry, Inc.*	3,100		77,903
Education Management Corp.*(a)	3,600		111,744
University of Phoenix Online*	2,833		195,279

			733,310

Pharmaceuticals — 4.5%
Abgenix, Inc.*	3,700		46,102
Accredo Health, Inc.*	4,500		142,245
Advance Paradigm, Inc.*	1,700		89,522
Alkermes, Inc.*	4,100		55,350
Alliance Unichem PLC (United Kingdom)	21,129		196,308
AstraZeneca Group PLC (United Kingdom)	2,393		114,807
AstraZeneca PLC [ADR](a)	10,100		488,638
Aventis SA (France)	4,009		264,974
Barr Laboratories, Inc.*	400		30,780
Biogen Idec, Inc.*(a)	4,700		172,866
Cardinal Health, Inc.(a)	7,250		443,410
Celgene Corp.*(a)	2,000		90,040
Celltech Group PLC (United Kingdom)*	18,719		126,668
Cephalon, Inc.*	3,328		161,108
CSL Ltd. (Australia)	4,441		59,727
Eisai Co. Ltd. (Japan)	5,700		153,709
Eon Labs, Inc.*	1,000		50,950
Forest Laboratories, Inc.*(a)	13,700		846,660
Galen Holdings PLC (United Kingdom)	16,447		209,485
Gehe AG (Germany)	3,826		185,557
Genentech, Inc.*(a)	5,300		495,921


	Shares	Value

Gilead Sciences, Inc.*(a)	6,400	$	372,096
Glaxosmithkline PLC (United Kingdom)	20,837		477,459
GlaxoSmithKline PLC [ADR]	1,400		65,268
Hisamitsu Pharmaceutical Co. (Japan)	7,000		82,691
Human Genome Sciences, Inc.*	4,100		54,325
ICOS Corp.*	1,800		74,304
Lilly (Eli) & Co.	18,700		1,315,171
Medicis Pharmaceutical Corp. (Class “A” Stock)(a)	1,200		85,560
MedImmune, Inc.*(a)	7,500		190,500
Merck & Co., Inc.	29,700		1,372,140
Mylan Laboratories, Inc.	3,450		87,147
Neurocrine Biosciences, Inc.*	2,100		114,534
Novartis AG (Switzerland)	15,944		723,878
Noven Pharmaceuticals, Inc.*	5,100		77,571
Novo Nordisk AS (Class “B” Stock) (Denmark)	2,266		92,319
Pfizer, Inc.	119,685		4,228,470
Priority Healthcare Corp. (Class “B” Stock)*(a)	1,500		36,165
Sanofi-Synthelabo SA (France)	7,052		531,035
Schering-Plough Corp.	9,800		170,422
Schwarz Pharma AG (Germany)	9,977		270,693
Suzuken Co. Ltd. (Japan)	2,100		68,191
Takeda Chemical Industries Ltd. (Japan)	5,700		226,043
Watson Pharmaceuticals, Inc.*	1,700		78,200
Wyeth	21,200		899,940

			16,118,949

Printing & Publishing — 0.4%
Dow Jones & Co., Inc.	2,600		129,610
Gannett Co., Inc.	4,800		427,968
Knight-Ridder, Inc.	3,300		255,321
McGraw-Hill Companies, Inc.	1,700		118,864
New York Times Co. (Class “A” Stock)	3,100		148,149
Pulitzer, Inc.	1,200		64,800
Scholastic Corp.*	5,000		170,200
Singapore Press Holdings Ltd. (Singapore)	7,000		77,901

			1,392,813

Railroads — 0.2%
Burlington Northern Santa Fe Corp.	9,200		297,620
CSX Corp.	6,500		233,610
Union Pacific Corp.	4,200		291,816

			823,046

Real Estate — 0.8%
Archstone-Smith Trust [REIT]	3,000		83,940
Arden Realty, Inc. [REIT]	3,700		112,258
Boston Properties, Inc. [REIT]	2,400		115,656
Camden Property Trust [REIT]	3,200		141,760
Catellus Development Corp.	2,178		52,533

177

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Corio NV (Netherlands)	3,741	$	144,865
Duke-Weeks Realty Corp. [REIT]	3,700		114,700
EastGroup Properties, Inc. [REIT]	2,400		77,712
General Property Trust (Australia)	127,155		286,456
Goldcrest Co. Ltd. (Japan)	1,900		90,417
LaSalle Hotel Properties [REIT]	4,800		89,040
Mills Corp. (The) [REIT]	600		26,400
Mitsui Fudosan Co. Ltd. (Japan)	12,000		108,389
Persimmon PLC (United Kingdom)	16,568		159,271
Reckson Associates Realty Corp. [REIT]	2,600		63,180
Regency Centers Corp. [REIT]	3,400		135,490
Rouse Co. [REIT]	2,900		136,300
Simon Property Group, Inc. [REIT]	2,700		125,118
SL Green Realty Corp. [REIT]	3,900		160,095
Sun Hung Kai Properties Ltd. (Hong Kong)	29,000		239,998
Vornado Realty Trust [REIT]	2,700		147,825
Wereldhave NV (Netherlands)	1,899		142,162
Westfield Trust (Australia)	80,347		215,513
Wheelock and Co. Ltd. (Hong Kong)	69,000		83,099

			3,052,177

Restaurants — 0.3%
CEC Entertainment, Inc.*	1,900		90,041
Darden Restaurants, Inc.(a)	2,850		59,964
McDonald’s Corp.	14,700		365,001
Mitchells & Butlers PLC (United Kingdom)	27,963		112,631
P.F. Chang’s China Bistro, Inc.*(a)	1,100		55,968
Ruby Tuesday, Inc.	2,400		68,376
Sonic Corp.*	1,600		48,992
Starbucks Corp.*	6,400		211,584
The Cheesecake Factory, Inc.*(a)	1,000		44,030
Wendy’s International, Inc.	2,400		94,176

			1,150,763

Retail & Merchandising — 3.5%
A.C. Moore Arts & Crafts, Inc.*	4,400		84,744
AnnTaylor Stores Corp.*	8,300		323,700
Bed Bath & Beyond, Inc.*	3,500		151,725
Best Buy Co., Inc.(a)	6,350		331,724
Carrefour SA (France)	3,020		165,780
Casino Guichard-Perrachon SA (France)	1,860		180,885
Charles Voegele Holding AG (Switzerland)*	2,184		139,331
Christopher & Banks Corp.	10,975		214,342
Coles Myer Ltd. (Australia)	27,467		156,454
Cost Plus, Inc.*	2,600		106,600
CVS Corp.	7,800		281,736
Dixons Group PLC (United Kingdom)	62,090		154,500
Dollar Tree Stores, Inc.*	11,600		348,696
Espirit Holdings Ltd. (Hong Kong)	27,500		91,565
Family Dollar Stores, Inc.	7,700		276,276


	Shares	Value

Home Depot, Inc.	41,700	$	1,479,933
Kesa Electricals PLC (United Kingdom)	5,697		26,236
Kohl’s Corp.*(a)	7,300		328,062
Lowe’s Companies, Inc.	6,000		332,340
Mauri Co. Ltd. (Japan)	13,900		175,096
Metro AG (Germany)	6,742		297,216
Michaels Stores, Inc.	3,500		154,700
Pier 1 Imports, Inc.	5,600		122,416
Ross Stores, Inc.	29,400		777,042
Staples, Inc.*	7,600		207,480
Target Corp.	39,000		1,497,600
Toys ‘R’ Us, Inc.*	3,600		45,504
Tweeter Home Entertainment Group, Inc.*	3,000		28,350
Valora Holding AG (Switzerland)	410		102,106
Wal-Mart de Mexico SA (Class “V” Stock) (Mexico)	123,300		351,447
Wal-Mart Stores, Inc.	55,600		2,949,580
Walgreen Co.(a)	17,700		643,926
Williams-Sonoma, Inc.*(a)	2,800		97,356

			12,624,448

Semiconductors — 1.9%
AMIS Holdings, Inc.*	6,600		120,648
Analog Devices, Inc.	9,200		419,980
Applied Materials, Inc.*(a)	32,600		731,870
ATMI, Inc.*	3,300		76,362
Cymer, Inc.*(a)	2,600		120,094
Intel Corp.	57,500		1,851,500
Intersil Corp. (Class “A” Stock)	11,200		278,320
KLA-Tencor Corp.*(a)	4,000		234,680
Linear Technology Corp.	7,500		315,525
Maxim Integrated Products, Inc.	11,000		547,800
Microchip Technology, Inc.(a)	6,000		200,160
Mykrolis Corp.*	3,600		57,888
Novellus Systems, Inc.*	5,400		227,070
QLogic Corp.*(a)	4,900		252,840
Rohm Co. Ltd. (Japan)	600		70,318
Semtech Corp.*	5,400		122,742
Tessera Technologies, Inc.*	3,200		60,192
Texas Instruments, Inc.	23,900		702,182
Varian Semiconductor Equipment Associates, Inc.*	600		26,214
Xilinx, Inc.*(a)	10,000		387,400
Zoran Corp.*	3,112		54,118

			6,857,903

Telecommunications — 3.7%
Advanced Fibre Communications, Inc.*(a)	1,700		34,255
America Movil SA de CV, (Class “L” Stock) [ADR]	11,300		308,942
BellSouth Corp.	13,000		367,900
Carso Global Telecom (Mexico)*	202,900		284,202

178

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003


	Shares	Value

Catapult Communications Corp.*	5,300	$	76,850
Centillium Commuications, Inc.*	10,500		59,115
China Unicom Ltd. (Hong Kong)*	106,000		98,988
Commonwealth Telephone Enterprises, Inc.*	3,500		132,125
Comverse Technology, Inc.*	4,700		82,673
Corning, Inc.*	23,200		241,976
Crown Castle International Corp.*(a)	15,600		172,068
Debitel AG (Germany)	4,668		55,936
Inter-Tel, Inc.	800		19,984
KDDI Corp. (Japan)	84		481,254
KPN NV (Netherlands)*	50,105		386,784
MM02 PLC (United Kingdom)*	286,440		394,835
Motorola, Inc.	35,200		495,264
Netcom AB (Class “B” Stock) (Sweden)*	5,841		311,723
Nextel Communications, Inc. (Class “A” Stock)*(a)	33,200		931,592
Nextel Partners, Inc. (Class “A” Stock)*(a)	25,000		336,250
NII Holdings, Inc. (Class “B” Stock)*(a)	3,100		231,353
Nokia Corp. (Class “A” Stock) [ADR](a)	14,400		244,800
Nokia OYJ (Finland)	10,881		188,167
NTL, Inc.*	4,900		341,775
Plantronics, Inc.*	3,000		97,950
Polycom, Inc.*	9,000		175,680
Powerwave Technologies, Inc.*(a)	4,500		34,425
Qualcomm, Inc.	10,800		582,444
Qwest Communications International, Inc.*	38,700		167,184
Research in Motion Ltd.*	5,400		360,882
Rogers Wireless Communications, Inc. (Class “B” Stock)*	3,700		79,180
SBC Communications, Inc.	31,700		826,419
SK Telecom Co. Ltd. [ADR](a)	5,910		110,222
Smartone Telecommunications (Hong Kong)	73,000		74,753
Tele Danmark AS (Denmark)	8,831		318,644
Telecom Italia Mobile SPA (Italy)	84,195		457,720
Telecom Italia SPA (Italy)*	99,822		295,890
Telefonos de Mexico SA (Class “L” Stock) [ADR]	7,900		260,937
Telenor ASA (Norway)	45,699		298,807
Telephone & Data Systems, Inc.	800		50,040
Thomson Multimedia (France)	20,562		437,539
Verizon Communications, Inc.	31,284		1,097,442
Vodafone Group PLC [ADR](a)	36,400		911,456
Western Wireless Corp. (Class “A” Stock)*	20,500		376,380

			13,292,805


	Shares	Value

Transportation — 0.7%
Arriva PLC (United Kingdom)	31,008	$	210,935
Covenant Transportation, Inc.*	4,900		93,149
Expeditors International of Washington, Inc.	1,100		41,426
FedEx Corp.(a)	4,700		317,250
Forward Air Corp.*	1,500		41,250
Macquarie Infrastructure (Australia)	30,128		77,180
Nippon Express Co. Ltd. (Japan)	25,000		118,037
United Parcel Service, Inc. (Class “B” Stock)(a)	19,000		1,416,449
UTI Worldwide, Inc.	3,000		113,790

			2,429,466

Utilities — 1.8%
Alliant Energy Corp.(a)	3,700		92,130
American Electric Power Co., Inc.	2,600		79,326
CenterPoint Energy, Inc.	11,800		114,342
Constellation Energy Group, Inc.	3,600		140,976
Duke Energy Corp.(a)	17,200		351,740
E.ON AG (Germany)	10,616		692,825
Edison International Co.	9,100		199,563
El Paso Electric Co.*	10,200		136,170
Energy East Corp.	5,100		114,240
Entergy Corp.	3,300		188,529
Exelon Corp.	3,900		258,804
FirstEnergy Corp.	17,400		612,480
Great Plains Energy, Inc.	4,000		127,280
Hong Kong Electric Holdings Ltd. (Hong Kong)	27,500		108,745
Iberdrola SA (Spain)	20,000		395,308
MVV Energie AG (Germany)	2,624		50,971
NiSource, Inc.	6,100		133,834
OGE Energy Corp.	4,600		111,274
PG&E Corp.*(a)	15,400		427,658
Pinnacle West Capital Corp.	5,200		208,104
PPL Corp.(a)	5,600		245,000
Severn Trent PLC (United Kingdom)	13,223		177,298
Teco Energy, Inc.(a)	4,300		61,963
The Southern Co.	5,900		178,475
Tohoku Electric Power Co., Inc. (Japan)	15,200		252,033
Tokyo Electric Power Co. (Japan)	7,000		153,494
TXU Corp.(a)	24,500		581,140
Xcel Energy, Inc.(a)	8,600		146,028

			6,339,730

Total Common Stock
(Cost $193,643,184)			232,822,986

179

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value
*U.S. GOVERNMENT AGENCY OBLIGATIONS — 9.3%*
Federal Home Loan Bank
5.75%, 05/15/12	$	300	$	327,294
Federal Home Loan Mortgage Corp.
4.50%, 07/15/11 - 05/15/16 [IO]		1,765		891,806
4.641%, 11/01/02 [VR](c)		214		219,585
5.00%, 12/01/08 - 01/14/34		2,589		2,610,548
5.50%, 04/15/28		800		823,762
6.00%, [TBA]		1,900		1,963,532
6.25%, 07/15/32		400		436,513
7.00%, 11/01/30 - 06/01/32		360		380,751

				7,326,497

Federal National Mortgage Assoc.
2.91%, 07/25/29		230		229,584
3.25%, 11/15/07 - 08/15/08		1,160		1,161,895
4.50%, 05/01/18 - 11/01/33		875		871,471
5.00%, 03/25/15		575		590,036
5.125%, 01/02/14		155		155,841
5.50%, 12/01/16 -01/01/34		11,852		11,864,938
6.00%, 05/15/08 -01/01/34		4,164		4,373,921
6.50%, 05/01/17 -12/01/32		1,897		1,831,925
7.00%, 01/01/31 -04/01/32		46		48,268
7.125%, 02/15/05		160		170,160

				21,298,039

Government National Mortgage Assoc.
4.00%, 09/15/18 - 10/15/18		772		754,734
5.00%, 09/20/33		794		785,862
5.50%, [TBA]		1,200		1,217,438
6.00%, 02/15/26 - 05/15/26		201		209,517
6.50%, 01/15/28 - 09/20/32		472		497,519
7.00%, 03/15/13 - 08/15/26		622		667,510
8.00%, 12/15/16 - 07/15/23		60		66,219
8.50%, 06/15/16 - 10/15/26		178		194,629
10.00%, 11/15/09		1		1,276
10.50%, 08/15/15		2		2,158
11.50%, 06/15/10		3		3,898
12.00%, 09/15/13		†		206

				4,406,794

Tennessee Valley Authority
6.875%, 12/15/43		40		41,725

(Cost $33,078,080)				33,400,349

*U.S. TREASURY OBLIGATIONS — 8.2%*
U.S. Treasury Bonds
7.50%, 11/15/16		940		1,197,032
7.125%, 02/15/23		805		1,004,961
6.25%, 08/15/23 -05/15/30(a)		1,460		1,673,363
7.625%, 02/15/25		300		396,293
5.375%, 02/15/31(a)		345		359,892

				4,631,541


	Par (000)		Value
U.S. Treasury Inflationary Notes [TIPS]
1.875%, 07/15/13(a)(c)	$	1,205	$	1,205,417
U.S. Treasury Notes
5.875%, 11/15/04(a)		5,720		5,951,037
6.50%, 08/15/05		5,545		5,983,837
1.875%, 11/30/05(a)		2,600		2,605,689
3.50%, 11/15/06		75		77,546
3.25%, 08/15/07 -08/15/08(a)		3,465		3,494,382
4.75%, 11/15/08(a)		2,565		2,746,756
4.375%, 08/15/12(a)		110		112,217
3.875%, 02/15/13(a)		930		910,674
4.25%, 08/15/13 -11/15/13(a)		215		215,066
6.00%, 02/15/26		1,335		1,480,859

				23,578,063

(Cost $29,164,578)				29,415,021



	Moody’s Rating (Unaudited)
*ASSET BACKED SECURITIES — 1.7%*
BankBoston Home Equity Loan Trust Series 1998-1 Class A6
6.35%, 02/25/13	Aaa	312	326,443
Capital Auto Receivables Asset Trust Series 2002-2 Class CTFS
4.18%, 10/15/07	Aaa	355	362,569
Chase Funding Mortgage Loan Asset-Backed Series 2002-1 Class 1A3
5.039%, 12/25/23 [VR](c)	Aaa	550	553,829
Chase Funding Mortgage Loan Asset-Backed Series 2002-2 Class 1M1
5.599%, 09/25/31	Aa2	80	83,280
Chase Funding Mortgage Loan Asset-Backed Series 2003-3 Class 1M1
4.537%, 09/25/32	Aa2	150	142,799
Chase Manhattan Auto Owner Trust Series 2003-A Class A4
2.06%, 12/15/09	Aaa	285	279,422
Citibank Credit Card Issuance Trust Series 2000-C1 Class C1
7.45%, 09/15/07	Baa2	600	649,244
Citibank Credit Card Issuance Trust Series 2001-C1 Class C1
2.23%, 01/15/10 [VR](c)	Baa2	235	238,879

180

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003



	Moody’s Rating (Unaudited)	Par (000)		Value
Citibank Credit Card Issuance Trust Series 2002-C1 Class C1
2.16%, 02/09/09 [VR](c)	Baa2	$	225	$	227,779
Countrywide Asset-Backed Certificates Series 2003-5 Class AF3
3.613%, 04/25/30	Aaa		315		317,964
Harley-Davidson Motorcycle Trust Series 2003-3 Class B
2.28%, 05/15/11	A2		266		266,807
Hyundai Auto Receivables Trust Series 2003-A Class A4
3.02%, 10/15/10	Aaa		175		174,920
Hyundai Auto Receivables Trust Series 2003-A Class D
4.06%, 10/15/10	Baa2		80		80,011
John Deere Owner Trust Series 2001-A Class A4
3.78%, 09/15/08	Aaa		900		917,528
MBNA Credit Card Master Note Trust Series 2001-C2 Class C2
2.313%, 12/15/10 [VR] 144A (cost $558,934; purchased 11/25/03)(c)(g)	Baa2		550		560,543
MBNA Master Credit Card Trust Series 2000-D Class C
8.40%, 09/15/09 144A (cost $320,177; purchased 05/16/02)(g)	BBB(d)		300		342,151
Reliant Energy Transition Bond Co. LLC Series 2001-1 Class A4
5.63%, 09/15/15	Aaa		350		372,787
World Financial Network Credit Card Master Trust Series 2003-A Class A2
1.49%, 08/14/03 [VR](c)	Aaa		375		377,338

(Cost $6,138,124)					6,274,293

*COLLATERALIZED MORTGAGE OBLIGATIONS — 1.5%*
Bank of America Commercial Mortgage, Inc. Series, 2003-1 Class A2
4.648%, 09/11/36	AAA(d)		350		348,198
Bank of America Mortgage Securities, Series 2003-L Class 2A2
4.377%, 01/25/34	Aaa		850		848,141



	Moody’s Rating (Unaudited)	Par (000)		Value
Countrywide Asset-Backed Certificates, Series 2003-60 Class 1A2
5.067%, 02/25/34	Aaa	$	150	$	152,672
General Electric Capital Commercial Mortgage Corp., Series 2001-1 Class A2
6.531%, 05/15/33	Aaa		390		437,622
GMAC Commercial Mortgage Securities, Inc., Series 2001-C2 Class A2
6.70%, 04/15/34	AAA(d)		375		424,432
J.P. Morgan Chase Commercial Mortgage Finance Corp., Series 2001-CIB2 Class A2
6.244%, 04/15/35	AAA(d)		325		357,483
J.P. Morgan Chase Commercial Mortgage Finance Corp., Series 2001-CIBC Class A3
6.26%, 03/15/33	AAA(d)		1,425		1,572,519
J.P. Morgan Commercial Mortgage Finance Corp., Series 1999-PSL1 Class A2
7.108%, 02/15/32	AAA(d)		310		353,484
Salomon Brothers Mortgage Securities VII, Series 2001-C1 Class A2
6.226%, 12/18/35	Aaa		550		603,853
Summit Mortgage Trust, Series 2002-1 Class A2
6.227%, 06/28/16 [VR] 144A (cost $165,801; purchased 05/28/02)(c)(g)	NA		163		163,163

(Cost $5,066,363)					5,261,567



	Shares

*PREFERRED STOCK — 0.4%*
Broadcasting — 0.2%
News Corp. Ltd. [ADR], 6.25%	11,212	339,163

Cable Television — 0.2%
Cablevision Systems Corp. 11.125% Series M	4,125	434,156

Chemicals
Hercules Trust II, 6.5% [CVT]	150	118,500

Clothing & Apparel
Anvil Holdings, Inc., Series B 13.00%* (cost $26,721; purchased 12/18/01 - 03/20/02)(g)	1,966	28,011
Hugo Boss (Germany)	6,240	125,540

		153,551

181

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003



	Shares	Value
Healthcare Services
Fresenius AG (United Kingdom)	2,211	$	154,642

Telecommunications
Alamosa Holdings, Inc., 7.5%, Series B*[CVT]	75		25,969

Utilities
CMS Energy Corp., 4.5%*[CVT] 144A (cost $40,928; purchased 12/01/03 - 12/02/03)(g)	800		44,900

Total Preferred Stock
(Cost $1,080,778)			1,270,881


	Moody’s Rating (Unaudited)	Par (000)

*SOVEREIGN ISSUES — 0.1%*
Chile
Republic of Chile
5.50%, 01/15/13	Baa1	$	165	170,115

Mexico — 0.1%
United Mexican States
6.375%, 01/16/13	Baa2		205	213,200

Total Sovereign Issues
(Cost $365,554)				383,315

*MUNICIPAL BONDS*
Oregon
Oregon State Taxable Pension
5.892%, 06/01/27
(Cost $60,000)	Aa3		60	62,433

*CONVERTIBLE BONDS*
Sanmina - SCI Corp.
10.375%, 01/15/10
(Cost $50,000)	Ba2		50	58,750



	Units	Value

WARRANTS*
Entertainment & Leisure
Mikohn Gaming Corp., expiring 08/15/08 144A (cost $0; purchased 01/16/02)(g)	75	0

Retail & Merchandising
Barneys New York, Inc., expiring 04/01/08 (cost $0; purchased 09/30/03)(g)	25	513
Travelcenters of America Units, expiring 05/01/09	525	2,887

Total Warrants
(Cost $0)		3,400


	Moody’s Rating (Unaudited)	Par (000)		Value

*CORPORATE OBLIGATIONS — 12.1%*
Advertising — 0.1%
Advanstar Communications, Inc., Gtd. Notes
12.00%, 02/15/11	Caa2	$	25	$	26,438
Advanstar Communications, Inc., Sec’d. Notes
10.75%, 08/15/10 144A (cost $26,686; purchased 12/03/03)(g)	B3		25		27,188
R H Donnelley Finance Corp. I, Gtd. Notes
8.875%, 12/15/10	B1		25		28,250
10.875%, 12/15/12	B2		150		178,874
Vertis, Inc., Gtd. Notes, Series B
10.875%, 06/15/09	B3		50		53,500
Sec’d. Notes
9.75%, 04/01/09	B2		25		27,281
Vertis, Inc., Sub. Notes
13.50%, 12/07/09 144A (cost $47,393; purchased 02/04/03 - 12/08/03)(g)	Caa1		50		49,250

					390,781

Aerospace — 0.2%
Aviall, Inc., Sr. Notes
7.625%, 07/01/11	B1		50		52,375
BE Aerospace, Inc., Sr. Notes
8.50%, 10/01/10 144A (cost $50,875; purchased 10/02/03 - 10/08/03)(g)	B3		50		53,875
Boeing Co., Debs.
8.75%, 08/15/21	A3		85		108,288
Gencorp, Inc., Sr. Sub. Notes
9.50%, 08/15/13 144A (cost $152,219; purchased 08/06/03 - 10/06/03)(a)(g)	B2		150		156,750
Sequa Corp., Sr. Notes
9.00%, 08/01/09	B1		50		55,375
TD Funding Corp., Gtd. Notes
8.375%, 07/15/11	B3		25		26,719
Vought Aircraft Industry, Inc., Sr. Notes
8.00%, 07/15/11 144A (cost $127,500; purchased 06/27/03 - 06/30/03)(g)	B2		125		128,125

					581,507

Airlines
Northwest Airlines, Inc., Gtd. Notes
9.875%, 03/15/07	Caa1		25		22,875

182

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Automobile Manufacturers — 0.2%
Daimlerchrysler NA Holding Corp., Notes
6.50%, 11/15/13	A3	$	310	$	327,153
General Motors Corp., Debs
8.375%, 07/15/33	Baa1		200		228,472

					555,625

Automotive Parts — 0.2%
Accuride Corp., Sr. Sub. Notes, Series B
9.25%, 02/01/08	Caa1		25		25,875
Dana Corp., Notes
9.00%, 08/15/11	Ba3		50		60,500
7.00%, 03/01/29	Ba3		25		24,875
Dura Operating Corp., Gtd. Notes, Series D
9.00%, 05/01/09(a)	B2		75		75,375
Eagle-Picher Industries, Inc., Sr. Notes
9.75%, 09/01/13 144A (cost $78,458; purchased 07/31/03 - 10/17/03)(g)	B3		75		82,125
Intermet Corp., Gtd. Notes
9.75%, 06/15/09	B2		25		25,750
Rexnord Corp., Gtd. Notes
10.125%, 12/15/12	B3		100		110,500
TRW Automotive, Inc., Sr. Notes
9.375%, 02/15/13	B1		125		143,438
Sr. Sub. Notes
11.00%, 02/15/13	B2		50		59,375

					607,813


Beverages — 0.1%
Bottling Group LLC, Gtd. Notes
4.625%, 11/15/12	A3		160		159,416
Coca-Cola Enterprises, Notes
6.125%, 08/15/11	A2		160		177,215
Le-Natures, Inc., Sr. Sub. Notes
9.00%, 06/15/13 144A (cost $129,843; purchased 06/18/03 - 12/11/03)(g)	B3		125		131,250

					467,881

Broadcasting — 0.4%
Clear Channel Communications, Inc., Sr. Notes
4.625%, 01/15/08	Baa3		145		149,725
Granite Broadcasting Corp., Sec’d. Notes
9.75%, 12/01/10 144A (cost $24,697; purchased 12/08/03)(g)	B3		25		25,063


	Moody’s Rating (Unaudited)	Par (000)		Value

Hearst-Argyle Television, Inc., Sr. Notes
7.00%, 01/15/18	Baa3	$	135	$	149,235
Liberty Media Corp., Sr. Notes
2.67%, 09/17/06 [VR] (c)	Baa3		80		80,933
News America, Inc., Gtd. Notes
6.55%, 03/15/33	Baa3		185		192,819
Pegasus Satellite Communications, Inc., Sr. Disc. Notes,
Zero Coupon (until 03/01/04)
13.50%, 03/01/07	C		50		42,563
Sr. Notes
11.25%, 01/15/10 144A (cost $141,086; purchased 06/16/03 - 09/04/03)(g)	Ca		150		138,750
Sinclair Broadcast Group, Inc., Gtd. Notes
8.00%, 03/15/12	B2		75		81,375
Univision Communications, Inc., Sr. Notes
2.875%, 10/15/06	Baa3		95		94,736
Vivendi Universal SA, Sr. Notes, (France)
9.25%, 04/15/10 144A (cost $128,734; purchased 04/03/03)(g)(l)	B1		125		148,125
XM Satellite Radio, Inc., Sec’d. Notes
12.00%, 06/15/10	Caa1		50		56,875
Sec’d. Notes, Zero Coupon (until 12/31/05)
14.00%, 12/31/09	Caa1		125		112,500

					1,272,699

Building Materials — 0.2%
American Builders & Contractors Supply Co., Inc., Gtd. Notes, Series B
10.625%, 05/15/07	B3		150		156,000
Associated Materials, Inc., Gtd. Notes
9.75%, 04/15/12	B3		125		137,500
Koppers, Inc., Gtd. Notes
9.875%, 10/15/13 144A (cost $50,000; purchased 09/03/03)(g)	B2		50		55,500
Masco Corp., Notes
5.875%, 07/15/12	Baa1		265		282,380
Nortek, Inc., Sr. Sub. Notes, Series B
9.875%, 06/15/11	B3		75		83,063

183

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Texas Industries, Inc., Sr. Notes
10.25%, 06/15/11	B1	$	50	$	56,750

					771,193

Business Services — 0.2%
Brickman Group Ltd., Gtd. Notes, Series B
11.75%, 12/15/09	B2		50		58,500
Cie Generale de Geophysique, Sr. Notes (France)
10.625%, 11/15/07(l)	Ba3		50		53,250
Couche-Tard Corp., Sr. Sub. Notes
7.50%, 12/15/13 144A (cost $25,000; purchased 12/11/03)(g)	Ba3		25		26,438
IESI Corp., Gtd. Notes
10.25%, 06/15/12	B3		50		55,813
IPC Acquisition Corp., Gtd. Notes
11.50%, 12/15/09	B3		100		109,500
J.P. Morgan Chase & Co., Sub. Notes
5.75%, 01/02/13	A2		180		190,141
Worldspan L.P./ WS Financial Corp., Sr. Notes
9.625%, 06/15/11 144A (cost $51,094; purchased 06/24/03 - 07/18/03)(a)(g)	B2		50		51,625

					545,267

Cable Television — 0.4%
Charter Communications Holdings LLC, Sr. Notes
10.00%, 04/01/09(a)	Ca		25		22,375
10.25%, 09/15/10 144A (cost $102,000; purchased 10/07/03 - 12/02/03)(g)	Caa1		100		105,250
11.125%, 01/15/11	Ca		125		115,000
8.75%, 11/15/13 144A (cost $125,284; purchased 11/05/03 - 12/10/03)(g)	B3		125		127,813
Comcast Corp., Gtd. Notes
5.85%, 01/15/10	Baa3		350		374,269
Cox Communications, Inc., Notes
7.875%, 08/15/09	Baa2		150		177,436
CSC Holdings, Inc., Debs., Series B
8.125%, 08/15/09	B1		25		26,938
Sr. Notes
7.875%, 12/15/07	B1		25		26,438
8.125%, 07/15/09	B1		25		26,938
7.625%, 04/01/11	B1		50		52,875


	Moody’s Rating (Unaudited)	Par (000)		Value

General Cable Corp., Sr. Notes
9.50%, 11/15/10 144A (cost $103,991; purchased 11/18/03 - 12/11/03)(g)	B2	$	100	$	107,250
Mediacom Broadband LLC, Gtd. Notes
11.00%, 07/15/13	B2		75		84,563
Rogers Cablesystems of America, Inc., Sr. Notes, Series B (Canada)
10.00%, 03/15/05(l)	Ba2		125		134,687

					1,381,832

Chemicals — 0.4%
Avecia Group, Gtd. Notes (United Kingdom)
11.00%, 07/01/09(a)(l)	Caa3		125		113,125
Chevron Phillips Chemical Co., Notes
5.375%, 06/15/07	Baa1		140		149,170
Dow Chemical Corp., Notes
6.125%, 02/01/11	A3		115		123,917
Equistar Chemical, Sr. Notes
10.625%, 05/01/11	B2		25		27,625
Huntsman Advanced Materials LLC, Sec’d. Notes
11.00%, 07/15/10 144A (cost $50,000; purchased 06/23/03)(a)(g)	B2		50		55,500
Huntsman ICI Chemicals LLC, Gtd. Notes
10.125%, 07/01/09	Caa1		25		26,000
Huntsman International LLC, Gtd. Notes
9.875%, 03/01/09	B3		100		110,000
Kronos International, Inc., Sec’d. Notes (Germany)
8.875%, 06/30/09 (EUR)	B2		50		68,744
Lyondell Chemical Co., Gtd. Notes
9.50%, 12/15/08	B1		75		79,500
MacDermid, Inc., Gtd. Notes
9.125%, 07/15/11	Ba3		125		140,625
Nalco Co., Sr. Notes
7.75%, 11/15/11 144A (cost $25,000; purchased 10/29/03)(g)	B2		25		26,875
Noveon, Inc., Sr. Sub. Notes
13.00%, 08/31/11 (cost $106,500; purchased 03/10/03 - 09/02/03)(g)	NR		107		113,423

184

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value


Resolution Perfomance LLC, Sr. Notes
9.50%, 04/15/10	B3	$	50	$	51,375
Rhodia SA, Sr. Notes (France)
7.625%, 06/01/10 144A (cost $25,000; purchased 08/14/03)(g)(l)	B3		25		24,125
8.875%, 06/01/11 144A (cost $96,299; purchased 05/20/03 - 12/04/03)(a)(g)(l)	B3		100		92,500
Rockwood Specialties, Inc., Sr. Sub. Notes
10.625%, 05/15/11 144A (cost $75,750; purchased 07/09/03 - 07/10/03)(g)	B3		75		84,000
Salt Holdings Corp., Inc., Sr. Disc. Notes,
Zero Coupon (until 06/01/08)
12.00%, 06/01/13 144A (cost $75,192; purchased 05/19/03 - 07/24/03)(g)	B-(d)		125		86,875

					1,373,379

Clothing & Apparel
Avondale Mills, Inc., Sr. Sub. Notes
10.25%, 07/01/13	B3		75		47,625
Dyersburg Corp., Gtd. Notes, Series B
9.75%, 09/01/07(i)	NR		175		18
J. Crew Intermediate LLC, Sr. Disc. Notes, Zero Coupon (until 11/15/05)
16.00%, 05/15/08	CCC(d)		50		40,000

					87,643

Computer Hardware — 0.1%
International Business Machines Corp., Notes
4.25%, 09/15/09	A1		200		205,430

Conglomerates
Hutchison Whampoa International Ltd., Gtd. Notes
5.45%, 11/24/10 144A (cost $129,667; purchased 11/19/03)(g)	A3		130		132,085

Consumer Products & Services — 0.3%
American Achievement Corp., Gtd. Notes
11.625%, 01/01/07	B1		50		56,250
American Safety Razor Co., Sr. Notes, Series B
9.875%, 08/01/05	B3		50		49,750


	Moody’s Rating (Unaudited)	Par (000)		Value

Bally Total Fitness Holding Corp., Sr. Notes
10.50%, 07/15/11 144A (cost $50,000; purchased 01/06/03 - 01/17/03)(g)	B2	$	50	$	50,500
Bunge Limited Finance Corp., Notes
4.375%, 12/15/08 144A (cost $140,056; purchased 12/10/03)(g)	Baa3		140		140,982
Chattem, Inc., Gtd. Notes, Series B
8.875%, 04/01/08	B2		50		51,625
Coinmach Corp., Sr. Notes
9.00%, 02/01/10	B2		75		81,750
Jostens Holdings Corp., Sr. Disc. Notes,
Zero Coupon (until 12/01/08) 10.25%, 12/01/13 144A (cost $61,192; purchased 11/25/03)(g)	Caa2		100		64,000
Jostens, Inc., Sr. Sub. Notes
12.75%, 05/01/10	B3		100		115,500
Rayovac Corp., Sr. Sub. Notes
8.50%, 10/01/13	B3		25		26,188
Salton, Inc., Sr. Sub. Notes
12.25%, 04/15/08	B3		50		53,500
UST, Inc., Notes
6.625%, 07/15/12	A3		260		289,698

					979,743

Containers & Packaging — 0.3%
AEP Industries, Inc., Sr. Sub. Notes
9.875%, 11/15/07	B3		25		25,250
Bway Corp., Sr. Sub. Notes
10.00%, 10/15/10	B3		75		82,125
Constar International, Inc., Sr. Sub. Notes
11.00%, 12/01/12	Caa1		25		21,250
Crown European Holdings SA, Sec’d. Notes
10.875%, 03/01/13	B2		175		206,718
Greif, Inc., Gtd. Notes
8.875%, 08/01/12 (cost $49,631; purchased 07/25/02)(g)	B2		50		55,250
Owens-Brockway Glass Containers Corp., Gtd. Notes
8.875%, 02/15/09	B1		125		137,187
7.75%, 05/15/11	B1		25		26,938
8.25%, 05/15/13	B1		50		53,875
Owens-Illinois, Inc., Sr. Notes
7.35%, 05/15/08	B3		25		25,813

185

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Plastipak Holdings, Inc., Gtd. Notes
10.75%, 09/01/11	B3	$	50	$	55,750
Sealed Air Corp., Sr. Notes
5.375%, 04/15/08 144A (cost $147,063; purchased 04/09/03 - 06/26/03)(g)	Baa3		145		153,249
Silgan Holdings, Inc., Sr. Sub. Notes
6.75%, 11/15/13 144A (cost $25,000; purchased 10/30/03)(g)	B1		25		25,188
Smurfit Capital Funding PLC, Notes (Ireland)
6.75%, 11/20/05(l)	Ba3		50		52,000
Smurfit-Stone Container Corp., Sr. Notes
8.375%, 07/01/12	B2		25		27,250
Tekni-Plex, Inc., Sec’d. Notes
8.75%, 11/15/13 144A (cost $75,906; purchased 11/12/03 - 11/13/03)(g)	B2		75		78,563

					1,026,406

Electronic Components & Equipment — 0.1%
Amkor Technologies, Inc., Sr. Notes
7.75%, 05/15/13(a)	B1		50		53,875
Chippac International Ltd., Gtd. Notes
12.75%, 08/01/09	B3		50		55,375
Stratus Technologies, Inc., Sr. Notes
10.375%, 12/01/08 144A (cost $51,405; purchased 11/06/03 - 12/11/03)(g)	B3		50		53,313
TNP Enterprises, Inc., Notes
14.50%, 04/01/11 [PIK]	B1		25		27,188
TNP Enterprises, Inc., Sr. Sub. Notes
10.25%, 04/01/10	Ba3		50		54,750

					244,501

Entertainment & Leisure — 0.4%
Ameristar Casinos, Inc., Gtd. Notes
10.75%, 02/15/09	B2		50		57,750
AMF Bowling Worldwide, Inc., Sr. Sub. Notes
13.00%, 02/28/08	B3		50		56,750
AOL Time Warner, Inc., Gtd. Notes
7.625%, 04/15/31	Baa1		160		185,291
Argosy Gaming Co., Gtd. Notes
10.75%, 06/01/09	B2		100		108,500


	Moody’s Rating (Unaudited)	Par (000)		Value

Coast Hotels & Casinos, Inc., Gtd. Notes
9.50%, 04/01/09	B2	$	25	$	26,500
Hockey Co., Notes (Canada)
11.25%, 04/15/09(l)	B2		50		57,313
IMAX Corp., Gtd. Notes (Canada)
9.625%, 12/01/10 144A (cost $25,000; purchased 11/19/03)(g)(l)	B3		25		26,406
Majestic Star Casino LLC, Gtd. Notes
9.50%, 10/15/10 144A (cost $76,250; purchased 09/26/03)(g)	B2		75		77,250
Old Evangeline Downs LLC, Gtd. Notes
13.00%, 03/01/10	B-(d)		50		53,625
Penn National Gaming, Inc., Gtd. Notes, Series B
11.125%, 03/01/08	B3		75		84,844
Resorts International Hotel & Casino, Inc., Gtd. Notes
11.50%, 03/15/09	B2		25		27,313
Six Flags, Inc., Sr. Notes
9.50%, 02/01/09	B2		75		78,938
9.75%, 04/15/13	B2		75		79,125
9.625%, 06/01/14 144A (cost $26,063; purchased 12/12/03)(g)	B2		25		26,250
Speedway Motorsports, Inc., Sr. Sub. Notes
6.75%, 06/01/13	Ba2		50		51,750
Station Casinos, Inc., Sr. Sub. Notes
9.875%, 07/01/10	B1		75		82,875
Town Sports International, Inc., Gtd. Notes
9.625%, 04/15/11	B2		25		26,875
Trump Casino Holdings LLC, Gtd. Notes
11.625%, 03/15/10(a)	B3		25		24,063
Turning Stone Casino Resort Enterprise, Sr. Notes
9.125%, 12/15/10 144A (cost $25,000; purchased 12/10/03)(g)	B1		25		27,313
Venetian Casino Resort LLC, Gtd. Notes
11.00%, 06/15/10	B3		100		116,499
Viacom, Inc., Gtd. Notes
5.625%, 08/15/12	A3		110		117,249

					1,392,479

186

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Environmental Services — 0.1%
Allied Waste North America, Inc., Sr. Notes
7.875%, 04/15/13	Ba3	$	75	$	81,563
Casella Waste Systems, Inc., Sr. Sub. Notes
9.75%, 02/01/13	B3		100		112,500
Synagro Technologies, Inc., Sr. Sub. Notes
9.50%, 04/01/09	B3		125		137,187

					331,250

Farming & Agriculture — 0.1%
AGCO Corp., Gtd. Notes
9.50%, 05/01/08	Ba3		50		54,875
Dimon, Inc., Gtd. Notes
9.625%, 10/15/11	Ba3		150		168,375

					223,250

Financial - Bank & Trust — 0.3%
ABN AMRO Bank NV, Sub. Notes
7.125%, 06/18/07	A1		145		163,707
Bank of America Corp., Sr. Notes
4.875%, 09/15/12	Aa2		225		226,550
Bank of Nova Scotia, Sub. Debs. (Canada)
6.25%, 09/15/08(l)	A1		50		55,046
BB&T Corp., Sub. Notes
6.50%, 08/01/11	A2		70		78,682
Capital One Bank, Notes
4.25%, 12/01/08	Baa2		180		179,416
Countrywide Home Loans, Inc., Gtd. Notes
5.50%, 02/01/07	A3		135		144,754
Northern Trust Co., Sub. Notes
4.60%, 02/01/13	A1		115		111,723
US Bank NA, Notes
2.85%, 11/15/06	Aa2		175		175,967
Wachovia Corp., Sub. Notes
6.40%, 04/01/08	A1		80		88,300

					1,224,145

Financial Services — 1.4%
Alamosa Delaware, Inc., Gtd. Notes
11.00%, 07/31/10	Caa1		74		80,660
Arch Western Finance, Sr. Notes
6.75%, 07/01/13 144A (cost $50,000; purchased 06/19/03)(g)	Ba2		50		51,500
ASAT Finance LLC, Gtd. Notes
12.50%, 11/01/06	B3		146		155,939


	Moody’s Rating (Unaudited)	Par (000)		Value

Bank One Corp., Sub. Notes
5.25%, 01/30/13	A1	$	270	$	277,486
Bear Stearns Co., Inc., Notes
4.00%, 01/31/08	A1		230		234,481
BHP Finance USA Ltd., Gtd. Notes (Australia)
4.80%, 04/15/13(l)	A2		135		135,595
CIT Group, Inc., Sr. Notes
2.875%, 09/29/06	A2		90		90,298
7.75%, 04/02/12	A2		175		207,076
Citigroup, Inc., Sub. Notes
5.625%, 08/27/12	Aa2		240		253,788
Dollar Financial Group, Gtd. Notes
9.75%, 11/15/11 144A (cost $50,641; purchased 11/07/03 - 11/10/03)(g)	B3		50		52,000
Equinox Holdings Ltd., Sr. Notes (South Africa)
9.00%, 12/15/09 144A (cost $50,813; purchased 12/09/03)(g)(l)	B3		50		52,250
Ford Motor Credit Co., Notes
6.50%, 01/25/07	A3		380		405,065
Franklin Resources, Inc., Notes
3.70%, 04/15/08	A2		55		54,755
General Electric Capital Corp., Notes
3.50%, 05/01/08	Aaa		185		185,372
6.00%, 06/15/12	Aaa		360		391,054
General Motors Acceptance Corp., Notes
7.25%, 03/02/11	A3		230		252,690
Goldman Sachs Group, Inc., Notes
4.125%, 01/15/08	Aa3		220		225,775
6.125%, 02/15/33	Aa3		75		75,785
HBOS PLC, Sub. Notes (United Kingdom)
6.00%, 11/01/33 144A (cost $167,976; purchased 10/22/03)(g)(l)	Aa3		170		169,701
Household Finance Corp., Notes
5.75%, 01/30/07	A1		70		75,731
6.375%, 11/27/12	A1		55		60,441
International Lease Finance Corp., Notes
6.375%, 03/15/09	A1		275		303,284
John Deere Capital Corp., Notes
7.00%, 03/15/12	A3		190		219,227
John Hancock Global Funding II, Notes
5.625%, 06/27/06 144A (cost $239,073; purchased 06/20/01)(g)	Aa3		240		257,069

187

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Lehman Brothers Holdings, Inc., Notes
4.00%, 01/22/08	A1	$	115	$	117,403
Morgan Stanley, Notes
3.625%, 04/01/08	Aa3		105		105,251
Orion Power Holdings, Inc., Sr. Notes
12.00%, 05/01/10	B2		75		91,500
Pemex Project Funding Master Trust, Gtd. Notes
7.375%, 12/15/14	Baa1		215		230,588
PHH Corp., Notes
7.125%, 03/01/13	Baa1		140		157,107
SLM Corp., Notes
4.00%, 01/15/09	A2		225		226,802
Union Planters Corp., Notes
4.375%, 12/01/10	A2		120		119,683
Verizon Global Funding Corp., Notes
7.75%, 12/01/30 A2	A2		165		194,546
Williams Scotsman, Inc., Gtd. Notes
9.875%, 06/01/07	B3		25		25,438

					5,535,340

Food — 0.3%
Agrilink Foods, Inc., Gtd. Notes
11.875%, 11/01/08	B3		25		26,500
B&G Foods, Inc., Gtd. Notes, Series D
9.625%, 08/01/07	B3		75		78,000
Dole Foods Co., Sr. Notes
8.875%, 03/15/11	B2		100		109,750
Luigino’s, Inc., Sr. Sub. Notes
10.00%, 02/01/06	B3		100		103,000
McCormick & Co., Inc., Notes
6.40%, 02/01/06	A2		260		281,615
Pantry, Inc., Gtd. Notes
10.25%, 10/15/07	B3		75		78,000
Pinnacle Foods Holding Corp., Sr. Sub. Notes
8.25%, 12/01/13 144A (cost $102,250; purchased 11/20/03 - 12/12/03)(g)	B3		100		104,000
PSF Group Holdings, Inc., Sr. Notes
9.25%, 06/15/11	B1		50		50,750
United Agricultural Products, Sr. Notes
8.25%, 12/15/11 144A (cost $101,750; purchased 12/11/03 - 12/16/03)(g)	B3		100		103,250

					934,865


	Moody’s Rating (Unaudited)	Par (000)		Value

Furniture
Interface, Inc., Sr. Notes
10.375%, 02/01/10	Caa1	$	75	$	79,688
Norcraft Companies L.P., Sr. Sub. Notes
9.00%, 11/01/11 144A (cost $77,124; purchased 10/10/03)(g)	B3		75		80,625

					160,313

Healthcare Services — 0.2%
AmeriPath, Inc., Gtd. Notes
10.50%, 04/01/13	B3		50		54,250
Concentra Operating Corp., Gtd. Notes
13.00%, 08/15/09	B3		75		84,000
9.50%, 08/15/10	B3		25		27,125
Genesis Healthcare Corp., Sr. Sub. Notes
8.00%, 10/15/13 144A (cost $76,406; purchased 10/23/03)(g)	B3		75		78,563
Highmark, Inc., Notes
6.80%, 08/15/13 144A (cost $79,823; purchased 08/14/03)(g)	Baa3		80		87,069
InSight Health Services Corp., Gtd. Notes
9.875%, 11/01/11(a)	B3		50		53,750
Quintiles Transnational Corp., Sr. Sub. Notes
10.00%, 10/01/13 144A (cost $50,000; purchased 09/12/03)(g)	B3		50		54,250
Tenet Healthcare Corp.,
Notes 7.375%, 02/01/13(a)	B1		75		75,750
Sr. Notes
6.50%, 06/01/12	B1		25		24,094
Vicar Operating, Inc., Gtd. Notes
9.875%, 12/01/09	B3		75		83,625

					622,476

Hotels & Motels — 0.2%
Courtyard by Marriott II Ltd., Sr. Notes, Series B
10.75%, 02/01/08	B2		215		217,150
Extended Stay America, Sr. Sub. Notes
9.875%, 06/15/11	B2		25		28,125
Hammons, (John Q.) Hotels L.P., First Mortgage Notes
8.875%, 05/15/12	B2		100		110,750
Hilton Hotels Corp., Notes
7.625%, 12/01/12	Ba1		25		28,125

188

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value
Host Marriott L.P., Gtd. Notes
9.50%, 01/15/07	Ba3	$	50	$	55,875
La Quinta Properties, Sr. Notes
8.875%, 03/15/11	Ba3		125		138,906

					578,931

Industrial Products — 0.3%
Actuant Corp., Gtd. Notes
13.00%, 05/01/09	B2		179		233,595
Brand Services, Inc., Gtd. Notes
12.00%, 10/15/12	B3		75		87,000
Euramax International PLC, Sr. Sub. Notes
8.50%, 08/15/11 144A (cost $25,000; purchased 07/30/03)(g)	B2		25		26,750
Four M Corp., Sr. Notes, Series B
12.00%, 06/01/06	B3		125		125,000
Massey Energy Co., Sr. Notes
6.625%, 11/15/10 144A (cost $75,000; purchased 11/05/03)(g)	Ba3		75		77,250
Mobile Mini, Inc., Sr. Notes
9.50%, 07/01/13	B2		75		82,875
National Waterworks, Inc., Gtd. Notes
10.50%, 12/01/12	B3		100		112,250
Shaw Group, Inc., Sr. Notes
10.75%, 03/15/10 144A (cost $76,392; purchased 07/16/03 - 11/06/03)(g)	Ba2		75		79,875
Steel Dynamics, Inc., Gtd. Notes
9.50%, 03/15/09	B1		125		139,375

					963,970

Insurance — 0.5%
AIG SunAmerica Global Financing XII, Notes
5.30%, 05/30/07 144A (cost $274,779; purchased 05/15/02)(g)	Aaa		275		294,853
Allstate Financial Global Funding LLC, Notes
5.25%, 02/01/07 144A (cost $179,565; purchased 01/24/02)(g)	Aa2		180		193,616
Fund American Companies, Inc., Notes
5.875%, 05/15/13	Baa2		70		70,975
Marsh & McLennan Companies, Inc., Notes
3.625%, 02/15/08	A2		80		80,358
Metlife, Inc., Sr. Notes
6.125%, 12/01/11	A2		200		218,464


	Moody’s Rating (Unaudited)	Par (000)		Value
Nationwide Financial Services, Inc., Sr. Notes
5.90%, 07/01/12	A3	$	325	$	339,767
NLV Financial Corp., Sr. Notes
7.50%, 08/15/33 144A (cost $121,259; purchased 08/20/03 - 12/03/03)(g)	Baa3		120		124,996
Principal Life Global Funding I, Notes
5.125%, 10/15/13 144A (cost $183,860; purchased 10/20/03)(g)	Aa3		185		185,833
Security Benefit Life Insurance Co., Notes
7.45%, 10/01/33 144A (cost $79,820; purchased 09/26/03)(g)	Baa1		80		81,908
XL Capital Ltd., Gtd. Notes
6.50%, 01/15/12	A2		240		263,105

					1,853,875

Machinery & Equipment — 0.1%
Case New Holland, Inc., Sr. Notes
9.25%, 08/01/11 144A (cost $49,335; purchased 07/29/03)(g)	Ba3		50		56,250
Cummins, Inc., Sr. Notes
9.50%, 12/01/10 144A (cost $26,000; purchased 11/18/02)(g)	Ba2		25		28,875
Manitowoc Co., Inc. (The), Sr. Notes
7.125%, 11/01/13	B1		50		51,938
Trimas Corp., Gtd. Notes
9.875%, 06/15/12	B3		100		104,750

					241,813

Medical Supplies & Equipment — 0.1%
Fisher Scientific International, Inc., Sr. Sub. Notes
8.125%, 05/01/12	B2		65		70,038
Fresenius Medical Capital Trust II, Gtd. Notes
7.875%, 02/01/08	Ba2		250		268,125

					338,163

Metals & Mining — 0.3%
Alcan, Inc., Bonds (Canada)
6.125%, 12/15/33(l)	Baa1		175		176,670
Allegheny Technologies, Inc., Notes
8.375%, 12/15/11	B2		25		24,625
Century Aluminum Co., Notes
11.75%, 04/15/08	B1		100		112,000

189

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value
Compass Minerals Group, Inc., Gtd. Notes
10.00%, 08/15/11	B3	$	25	$	28,125
Falconbridge Ltd., Notes (Canada)
7.35%, 06/05/12(l)	Baa3		185		209,351
Freeport-McMoRan Resource Partners, Inc. L.P., Sr. Notes
7.00%, 02/15/08	Caa1		150		96,750
Gerdau Ameristeel Corp., Sr. Notes (Canada)
10.375%, 07/15/11 144A (cost $124,536; purchased 06/23/03 - 11/24/03)(g)(l)	B2		125		138,750
Ipsco, Inc., Sr. Notes (Canada)
8.75%, 06/01/13(l)	Ba3		25		27,813
Jorgensen, (Earle, M.) Co., Sec’d. Notes
9.75%, 06/01/12	B2		175		195,125
Neenah Corp., Sec’d. Notes
11.00%, 09/30/10 144A (cost $27,221; purchased 10/15/03)(g)	B2		25		27,625
Sr. Sub. Notes
13.00%, 09/30/13 144A (cost $49,531; purchased 10/14/03)(g)	CCC+(d)		50		51,125

					1,087,959

Oil & Gas — 0.7%
AmeriGas Partners L.P., Sr. Notes
8.875%, 05/20/11	B2		175		193,375
ANR Pipeline, Inc., Notes
8.875%, 03/15/10	B1		25		28,219
Baker Hughes, Inc., Sr. Notes
6.875%, 01/15/29	A2		200		227,190
Buckeye Partners L.P., Notes
6.75%, 08/15/33	Baa2		75		78,924
ConocoPhillips, Gtd. Notes
5.90%, 10/15/32	A3		150		150,918
Devon Financing Corp., Gtd. Notes
6.875%, 09/30/11(a)	Baa2		145		164,670
Dynegy Holdings, Inc.,. Debs.
7.625%, 10/15/26	Caa2		25		21,719
Sr. Notes
8.75%, 02/15/12(a)	Caa2		25		25,250
El Paso Corp., Sr. Notes
8.05%, 10/15/30	Caa1		25		21,875
7.80%, 08/01/31	Caa1		50		42,813
7.75%, 01/15/32	Caa1		150		128,625
Encore Acquisition Co., Gtd. Notes
8.375%, 06/15/12	B2		50		54,375


	Moody’s Rating (Unaudited)	Par (000)		Value
Hanover Equipment Trust, Sec’d. Notes
8.50%, 09/01/08	B2	$	25	$	26,625
Hilcorp Energy I L.P., Sr. Notes
10.50%, 09/01/10 144A (cost $75,000; purchased 08/05/03)(g)	B3		75		82,500
Kaneb Pipe Line Operating Partnership L.P., Sr. Notes
7.75%, 02/15/12	Ba1		90		103,141
Kinder Morgan, Inc., Sr. Notes
6.50%, 09/01/12	Baa2		180		198,962
Magnum Hunter Resources, Inc., Gtd. Notes
9.60%, 03/15/12	B2		50		57,000
Occidental Petroleum Corp., Notes
4.25%, 03/15/10	Baa1		75		75,572
Panhandle Eastern Pipe Line Co., Notes
4.80%, 08/15/08 144A (cost $69,745; purchased 08/13/03)(g)	Baa3		70		72,199
Petroleum Geo-Services ASA, Notes (Norway)
10.00%, 11/05/10(l)	NR		75		80,625
Pride Petroleum Services, Inc., Sr. Notes
9.375%, 05/01/07	Ba2		67		69,178
PSE&G Energy Holdings, Inc., Sr. Notes
8.50%, 06/15/11	Ba3		75		83,531
Southern Natural Gas Co., Notes
8.875%, 03/15/10	B1		50		56,438
Tom Brown, Inc., Notes
7.25%, 09/15/13	Ba3		25		26,563
Transocean, Inc., Notes
7.50%, 04/15/31	Baa2		110		126,363
Westport Resources Corp., Gtd. Notes
8.25%, 11/01/11	Ba3		25		27,625
Williams Companies, Inc., Debs.
7.50%, 01/15/31	B3		250		254,374

					2,478,649

Paper & Forest Products — 0.3%
Ainsworth Lumber, (Canada) Sec’d. Notes
13.875%, 07/15/07(l)	B3		125		144,375
Sr. Notes
12.50%, 07/15/07(l)	B3		25		29,500
Boise Cascade Co., Sr. Notes
7.00%, 11/01/13	Ba2		25		26,281

190

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value
Celulosa Arauco y Constitucion SA, Notes (Chile)
5.125%, 07/09/13(l)	Baa2	$	160	$	156,877
Georgia-Pacific Corp., Debs.
9.875%, 11/01/21	Ba3		50		52,500
Gtd. Notes
9.375%, 02/01/13	Ba2		100		115,500
Graphic Packaging International Corp., Gtd. Notes
8.50%, 08/15/11 144A (cost $25,000; purchased 08/01/03)(g)	B2		25		27,500
JSG Funding PLC, Sr. Notes (Ireland)
9.625%, 10/01/12(l)	B2		50		56,250
Longview Fibre Co., Sr. Sub. Notes
10.00%, 01/15/09	B2		100		110,250
Potlatch Corp., Gtd. Notes
10.00%, 07/15/11	Ba1		25		28,000
SCA Coordination Center NV, Gtd. Notes (Belgium)
4.50%, 07/15/15 144A (cost $119,264; purchased 06/30/03)(g)(l)	A3		120		112,457
Weyerhaeuser Co., Notes
6.75%, 03/15/12	Baa2		180		196,681

					1,056,171

Pharmaceuticals — 0.1%
Abbott Laboratories, Notes
5.625%, 07/01/06	A1		210		226,646
Alpharma, Inc., Sr. Notes
8.625%, 05/01/11 144A (cost $25,000; purchased 04/16/03)(g)	B3		25		25,500
Biovail Corp. (Canada)
7.875%, 04/01/10(l)	B2		50		51,250

					303,396

Printing & Publishing — 0.3%
Canwest Media, Inc., Sr. Sub. Notes
10.625%, 05/15/11	B2		100		114,750
CBD Media, Sr. Sub. Notes
8.625%, 06/01/11 144A (cost $50,688; purchased 06/09/03)(g)	B3		50		55,000
Dex Media East LLC, Gtd. Notes
9.875%, 11/15/09	B2		25		28,625
12.125%, 11/15/12	B3		150		185,999


	Moody’s Rating (Unaudited)	Par (000)		Value
Dex Media West LLC, Sr. Notes
8.50%, 08/15/10 144A (cost $25,000; purchased 08/15/03)(g)	B2	$	25	$	27,969
Dex Media West, Sr. Sub. Notes
9.875%, 08/15/13 144A (cost $75,000; purchased 08/15/03)(g)	B3		75		87,563
Dex Media, Inc., Disc. Notes, Zero Coupon (until 11/15/08)
9.00%, 11/15/13 144A (cost $66,501; purchased 11/03/03 - 11/04/03)(g)	Caa1		100		70,750
Notes
8.00%, 11/15/13 144A (cost $25,000; purchased 11/03/03)(g)	Caa1		25		26,563
Hollinger International Publishing, Sr. Notes
9.00%, 12/15/10	B2		100		106,750
Hollinger Participation Trust, Sr. Notes
12.125%, 11/15/10 [PIK] 144A (cost $84,563; purchased 12/06/01)(g)	B3		75		89,438
Houghton Mifflin Co., Sr. Sub. Notes
9.875%, 02/01/13	B3		75		82,875
Liberty Group Operating, Inc., Gtd. Notes
9.375%, 02/01/08	Caa1		50		50,750
Primedia, Inc., Sr. Notes
8.875%, 05/15/11	B3		25		26,438
8.00%, 05/15/23 144A (cost $25,000; purchased 05/08/03)(g)	B3		25		25,625
Quebecor Media, Inc., Sr. Notes
11.125%, 07/15/11	B2		150		174,374
Sun Media Corp., Gtd. Notes
7.625%, 02/15/13	Ba3		50		53,750
Transwestern Publishing Co., Gtd. Notes
9.625%, 11/15/07	B2		25		26,000

					1,233,219

Railroads
Canadian National Railway Co., Notes (Canada)
4.40%, 03/15/13(l)	Baa1		130		125,293


Real Estate — 0.2%
LNR Property Corp., Sr. Sub. Notes
7.625%, 07/15/13	Ba3		100		105,500

191

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value
Pulte Homes, Inc., Gtd. Notes
7.875%, 08/01/11	Baa3	$	150	$	177,053
Rouse Co., Notes
8.43%, 04/27/05	Baa3		350		375,442
Universal City Development Partners L.P., Sr. Notes
11.75%, 04/01/10 144A (cost $52,519; purchased 03/21/03 - 07/14/03)(g)	B2		50		59,000
Wackenhut Corrections Corp., Sr. Notes
8.25%, 07/15/13 144A (cost $25,000; purchased 07/01/03)(g)	B1		25		26,625
WCI Communities, Inc., Gtd. Notes
9.125%, 05/01/12	Ba3		25		27,625
Williams Scotsman, Inc., Sec’d. Notes
10.00%, 08/15/08	B2		50		55,063

					826,308

Restaurants
O’Charley’s, Inc., Sr. Sub. Notes
9.00%, 11/01/13 144A (cost $50,125; purchased 10/30/03 - 12/08/03)(g)	Ba3		50		50,500
Perkins Family Restuarants L.P., Sr. Notes
10.125%, 12/15/07(a)	B1		75		76,875

					127,375

Retail & Merchandising — 0.2%
Asbury Automotive Group, Inc., Sr. Sub. Notes
8.00%, 03/15/14 144A (cost $50,219; purchased 12/18/03)(g)	B3		50		50,500
AutoZone, Inc., Sr. Notes
4.75%, 11/15/10	Baa2		135		135,697
Barneys New York, Inc., Gtd. Notes
9.00%, 04/01/08	B3		25		23,875
Commemorative Brands, Inc., Sr. Sub. Notes
11.00%, 01/15/07	Caa1		50		51,250
Fred Meyer, Inc., Gtd. Notes
7.45%, 03/01/08	Baa3		170		193,793
Office Depot, Inc., Notes
6.25%, 08/15/13	Baa3		160		168,303

					623,418


	Moody’s Rating (Unaudited)	Par (000)		Value
Semiconductors — 0.1%
AMI Semiconductor, Inc., Gtd. Notes
10.75%, 02/01/13	B3	$	33	$	39,435
Fairchild Semiconductor International Corp., Sr. Sub. Notes
10.50%, 02/01/09	B2		200		224,000
On Semiconductor Corp., Gtd. Notes
13.00%, 05/15/08	Caa1		75		87,563
12.00%, 03/15/10	B3		50		59,875

					410,873

Telecommunications — 1.1%
ACC Escrow Corp., Sr. Notes
10.00%, 08/01/11 144A (cost $73,375; purchased 07/25/03)(g)	B2		75		83,625
Alaska Communications Systems Holdings, Inc., Sr. Notes
9.875%, 08/15/11 144A (cost $73,644; purchased 04/07/03 - 04/11/03)(g)	B2		75		79,125
AT&T Wireless Services, Inc., Sr. Notes
7.875%, 03/01/11	Baa2		120		138,506
8.75%, 03/01/31	Baa2		120		148,583
Avaya, Inc., Sec’d. Notes
11.125%, 04/01/09	B2		50		58,750
British Telecom PLC, Notes United Kingdom)
8.375%, 12/15/10(l)	Baa1		135		164,546
Centennial Communications Corp., Gtd. Notes
10.125%, 06/15/13	Caa1		50		55,250
Cincinnati Bell, Inc., Sr. Sub. Notes
8.375%, 01/15/14 144A (cost $50,625; purchased 10/31/03)(g)	B3		50		54,250
Citizens Communications Co., Sr. Notes
9.00%, 08/15/31	Baa2		95		111,223
Deutsche Telekom International Finance, Gtd. Notes (Germany)
5.25%, 07/22/13(l)	Baa3		150		151,872
DIRECTV Holdings LLC, Sr. Notes
8.375%, 03/15/13	B1		50		58,250

192

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value
Dobson Communications Corp., Sr. Notes
10.875%, 07/01/10(a)	B3	$	100	$	109,500
8.875%, 10/01/13 144A (cost $75,750; purchased 09/12/03 - 12/03/03)(a)(g)	B3		75		76,313
Echostar DBS Corp., Sr. Notes
10.375%, 10/01/07	Ba3		50		55,188
9.125%, 01/15/09			3		3,371
Eircom Funding, Sr. Sub. Notes (Ireland)
8.25%, 08/15/13(l)	B1		25		27,813
France Telecom SA, Notes (France)
9.25%, 03/01/11(l)	Baa3		75		90,229
Insight Midwest L.P., Sr. Notes
10.50%, 11/01/10	B2		100		109,250
INTELSAT Ltd., Notes
5.25%, 11/01/08 144A (cost $74,982; purchased 10/31/03)(g)	Baa3		75		77,261
LCI International, Inc., Sr. Notes
7.25%, 06/15/07	Caa1		50		48,250
Lucent Technologies, Inc., Notes
5.50%, 11/15/08	Caa1		75		70,125
Motorola, Inc., Notes
6.75%, 02/01/06(a)	Baa3		100		107,791
Nextel Communications, Inc., Notes
6.00%, 06/01/11	B2		50		62,250
Sr. Notes
9.375%, 11/15/09	B2		25		27,313
9.50%, 02/01/11	B2		50		56,750
6.875%, 10/31/13	B2		100		105,500
7.375%, 08/01/15	B2		150		161,999
Nextel Partners, Inc., Sr. Notes
11.00%, 03/15/10	Caa1		25		27,813
8.125%, 07/01/11	Caa1		75		80,250
Nortel Networks Corp., Notes (Canada)
6.875%, 09/01/23(l)	B3		100		95,500
Nortel Networks Ltd., Notes (Canada)
6.125%, 02/15/06(l)	B3		25		25,438
Qwest Corp., Notes
8.875%, 03/15/12 144A (cost $81,346; purchased 04/16/03 - 04/17/03)(g)	Ba3		75		86,250
Qwest Services Corp., Notes
13.50%, 12/15/10 144A (cost $187,900; purchased 01/03/03 - 01/06/03)(g)	CCC+(d)		175		213,499


	Moody’s Rating (Unaudited)	Par (000)		Value
Rogers Cantel, Inc., Debs.
9.375%, 06/01/08	Ba3	$	25	$	26,281
Sr. Sub. Notes (Canada)
8.80%, 10/01/07(l)	B2		25		25,813
Rogers Wireless, Inc., Sec’d. Notes
9.625%, 05/01/11	Ba3		50		59,625
Sprint Capital Corp., Gtd. Notes
6.375%, 05/01/09	Baa3		350		374,563
Telefonos de Mexico SA, Notes (Mexico)
4.50%, 11/19/08 144A (cost $94,798; purchased 11/12/03)(a)(g)(l)	A3		95		95,619
Telex Communications, Inc., Sec’d. Notes
11.50%, 10/15/08 144A (cost $25,000; purchased 10/31/03)(g)	B3		25		26,688
TSI Telecommunication Services, Inc., Gtd. Notes
12.75%, 02/01/09	B3		50		55,125
U.S. Unwired, Inc., Gtd. Notes, Zero Coupon (until 11/01/04)
13.375%, 11/01/09	Caa2		75		54,750
United States Cellular Corp., Notes
6.70%, 12/15/33	Baa1		110		110,391
Verizon Florida, Inc., Debs.
6.125%, 01/15/13	A1		115		123,328
Verizon Virginia, Inc., Debs.
4.625%, 03/15/13	Aa3		105		101,421
Western Wireless Corp., Sr. Notes
9.25%, 07/15/13	Caa1		125		132,500

					4,007,737

Transportation — 0.2%
Hertz Corp., Notes
4.70%, 10/02/06	Baa2		80		81,460
Petroleum Helicopters, Inc., Gtd. Notes, Series B
9.375%, 05/01/09	B1		75		79,875
Travelcenters of America, Inc., Gtd. Notes
12.75%, 05/01/09	B3		175		202,125
Union Pacific Corp., Notes
6.50%, 04/15/12	Baa2		200		222,480
Union Tank Car Co., Notes
7.125%, 02/01/07	A2		150		167,002

					752,942

193

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value
Utilities — 1.4%
AES Corp., Sec’d. Notes
9.00%, 05/15/15 144A (cost $102,309; purchased 05/01/03 - 09/10/03)(g)	B2	$	100	$	113,500
AES Corp., Sr. Notes
9.375%, 09/15/10(a)	B3		75		83,531
8.875%, 02/15/11	B3		125		136,875
Allegheny Energy Supply Co. LLC, Notes
7.80%, 03/15/11	B3		125		116,563
8.75%, 04/15/12 144A (cost $40,939; purchased 04/11/03)(g)	B3		50		47,375
American Electric Power Co., Inc., Sr. Notes
5.375%, 03/15/10	Baa3		105		110,187
Appalachian Power Co., Sr. Notes
4.80%, 06/15/05	Baa2		185		192,595
Aquila, Inc., Sr. Notes
14.875%, 07/01/12	Caa1		25		33,625
Black Hills Corp., Notes
6.50%, 05/15/13	Baa3		150		152,307
Calpine Corp., Sec’d. Notes
8.50%, 07/15/10 144A (cost $50,000; purchased 07/10/03)(a)(g)	B(d)		50		49,000
9.875%, 12/01/11 144A (cost $49,019; purchased 11/06/03)(g)	B(d)		50		51,625
Canadian Natural Resources Ltd., Notes (Canada)
7.20%, 01/15/32(l)	Baa1		300		348,456
CE Electric UK Funding Co., Sr. Notes (United Kingdom)
6.853%, 12/30/04 144A (cost $185,000; purchased 10/31/02)(g)(l)	Baa3		185		191,076
CenterPoint Energy Resources Corp., Debs.
6.50%, 02/01/08	Ba1		61		65,406
Chesapeake Energy Corp., Gtd. Notes
9.00%, 08/15/12	Ba3		100		115,500
CMS Energy Corp., Sr. Notes
9.875%, 10/15/07	B3		100		112,000
8.50%, 04/15/11	B3		25		27,125
Duke Capital Corp., Sr. Notes
7.50%, 10/01/09(a)	Baa3		175		200,359


	Moody’s Rating (Unaudited)	Par (000)		Value
Dynegy Holdings, Inc., Sec’d. Notes
10.125%, 07/15/13 144A (cost $127,416; purchased 08/01/03 - 12/03/03)(g)	B3	$	125	$	144,375
Edison Mission Energy, Sr. Notes
9.875%, 04/15/11	B2		100		104,500
Entergy Gulf States, Inc., First Mortgage Notes
5.20%, 12/03/07	Baa3		160		164,848
Entergy Louisiana, Inc., First Mortgage Notes
6.50%, 03/01/08	Aaa		475		484,663
Exelon Generation Co. LLC, Notes
5.35%, 01/15/14 144A (cost $154,946; purchased 12/16/03)(g)	Baa1		155		154,724
FirstEnergy Corp., Notes
5.50%, 11/15/06	Baa2		175		181,416
Florida Power & Light Co., First Mortgage Notes
5.95%, 10/01/33	Aa3		125		128,487
Illinois Power Corp., First Mortgage Notes
11.50%, 12/15/10	B3		75		91,125
North American Energy Partners, Inc., Sr. Notes
8.75%, 12/01/11 144A (cost $76,781; purchased 11/21/03 - 12/01/03)(g)	B2		75		79,125
NRG Energy, Inc., Sec’d. Notes
8.00%, 12/15/13 144A (cost $75,000; purchased 12/17/03)(g)	B2		75		79,219
Ohio Edison Co., Sr. Notes
4.00%, 05/01/08 144A (cost $174,381; purchased 10/01/03)(g)	Baa2		175		171,311
Pepco Holdings, Inc., Notes
3.75%, 02/15/06	Baa2		150		152,899
Pinnacle West Capital Corp., Sr. Notes
6.40%, 04/01/06	Baa2		150		160,991
Public Service Co. of New Mexico, Sr. Notes
4.40%, 09/15/08	Baa3		155		157,124
Public Service Electric & Gas Co., First Mortgage Notes
7.00%, 09/01/24	A3		300		307,360

194

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value
Reliant Resources, Inc., Sec’d. Notes
9.50%, 07/15/13 144A (cost $123,525; purchased 06/26/03 - 11/24/03)(g)	B1	$	125	$	134,375
Sempra Energy Co., Notes
6.00%, 02/01/13	Baa1		180		191,571
South Point Energy Center LLC, Gtd. Notes
9.825%, 05/30/19 144A (cost $107,634; purchased 04/22/03 - 06/16/03)(g)	B2		125		115,625
Suburban Propane Partners L.P., Sr. Notes
6.875%, 12/15/13 144A (cost $25,000; purchased 12/18/03)(g)	B1		25		25,375
TXU Energy Co., Sr. Notes
7.00%, 03/15/13	Baa2		70		77,580
Utilicorp Canada Finance Corp., Gtd. Notes (Canada)
7.75%, 06/15/11(l)	Caa1		50		48,625
Williams Companies, Inc., Notes
8.75%, 03/15/32	B3		25		28,375
WPD Holdings UK, Jr. Unsub. Notes (United Kingdom)
6.875%, 12/15/07 144A (cost $112,618; purchased 11/06/03)(g)(l)	Baa2		110		112,575

					5,470,561

Total Corporate Obligations
(Cost $41,541,199)					43,524,243

Total Long-Term Investments
(Cost $310,187,860)					352,477,250


*SHORT-TERM INVESTMENTS — 17.3%*
Certificate of Deposit — 0.2%
Svenska Handelsbank, Inc.
1.39%, 10/27/04(b)	543	543,182

Commercial Paper — 1.2%
Cancara Asset Securitisation Ltd.
1.11%, 01/12/04(b)	1,162	1,161,069
Concord Minutemen Capital Co.
1.10%, 02/10/04(b)	376	374,851
1.13%, 02/12/04(b)	83	83,261
Fairway Finance Corp.
1.10%, 01/12/04(b)	173	172,696
General Electric Capital Corp.
1.11%, 02/05/04(b)	261	260,464


	Par (000)		Value
Lexington Parker Capital Co.
1.10%, 01/12/04(b)	$	116	$	115,579
Monumental Global Funding
1.141%, 01/29/04 [FRN](b)(c)		57		57,179
Silver Tower U.S. Funding
1.13%, 02/02/04(b)		1,113		1,109,626
Tannehill Capital Co.
1.11%, 01/13/04(b)		540		538,527
Tulip Funding Corp.
1.10%, 01/21/04(b)		444		443,298

				4,316,550

Corporate Obligations — 4.8%
American Express Centurian
1.118%, 01/22/04 [FRN](b)(c)		462		461,570
1.144%, 01/22/04 [FRN](b)(c)		224		224,392
1.131%, 01/29/04 [FRN](b)(c)		237		237,498
Bear Stearns Co., Inc.
1.12%, 01/02/04 [FRN](b)(c)		2,342		2,342,107
Canadian Imperial Bank of Commerce
1.111%, 01/29/04 [FRN](b)(c)		87		87,149
General Electric Capital Corp.
1.13%, 01/02/04 [FRN](b)(c)		79		78,887
Goldman Sachs Group, Inc.
1.14%, 01/06/04 [FRN](b)(c)		1,331		1,330,767
Merrill Lynch & Co., Inc.
1.13%, 01/02/04(b)		503		503,327
1.13%, 01/02/04 [FRN](b)(c)		3,856		3,855,913
Morgan Stanley
1.03%, 01/02/04 [FRN](b)(c)		2,061		2,060,717
1.08%, 01/02/04 [FRN](b)(c)		1,316		1,315,938
Natexis Banques Populaires
1.035%, 01/02/04 [FRN](b)(c)		962		961,984
1.10%, 01/02/04 [FRN](b)(c)		1,911		1,910,578
Societe Generale
1.08%, 01/02/04 [FRN](b)(c)		495		494,919
Westdeutsche Landesbank
1.13%, 01/09/04 [FRN](b)(c)		1,381		1,381,344
1.111%, 01/23/04 [FRN](b)(c)		87		86,668
1.111%, 01/29/04 [FRN](b)(c)		128		128,223

				17,461,981


	Shares
Non-Registered Investment Company — 4.8%
BlackRock Institutional Money Market Trust(b)(j)		17,327,902		17,327,902

Registered Investment Companies — 5.4%
BlackRock Provident Institutional Funds TempCash Portfolio		9,707,655		9,707,655

BlackRock Provident Institutional Funds TempFund Portfolio		9,707,654		9,707,654

				19,415,309

195

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value

Time Deposits — 0.3%
Chase Manhattan Bank
0.875%, 01/02/04(b)	$	723	$	722,705
UBS Bank
0.938%, 01/02/04(b)		521		521,456

				1,244,161

Total Short-Term Investments
(Cost $62,406,279)				62,406,279

Total Investments — 115.2%
(Cost $372,594,139; Note 5)				414,883,517
Liabilities in Excess of Other Assets — (15.2%)				(54,731,408	)

Net Assets — 100.0%			$	360,152,109

The following abbreviations are used in portfolio descriptions:

144A	Security was purchased pursuant to Rule 144A under the securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted 144A securities are deemed to be liquid.

ADR	American Depositary Receipt

CVT	Convertible Security

EUR	Euro Dollar

FRN	Floating Rate Note

IO	Interest Only

NR	Not Rated by Moody’s or Standard & Poor’s.

PIK	Payment-in-kind

REIT	Real Estate Investment Trust

TBA	Securities purchased on a forward commitment basis

TIPS	Treasury Inflation Protestion Securities

VR	Variable Rate Bond


symbol		description
*		Non-income producing security.
†		Less than $500 par.
(a)		Portion of securities on loan with an aggregate market value of $41,770,328; cash collateral $42,990,970 was received with which the portfolio purchased securities.
(b)		Represents security purchased with cash collateral for securities on loan.
(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.
(d)		Standard & Poor’s rating.

196

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

December 31, 2003


symbol		description
(g)		Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $9,232,709. The aggregate value, $9,703,785 represents 2.69% of net assets.
(i)		Represents issuer in default on interest payments. Non-income producing security.
(j)		Security available to institutional investors only.
(l)		US$ Denominated Foreign Bonds.

Definitions of abbreviations and annotations are included following the Schedules of Investments.

See Notes to Financial Statements.

197

AST T. Rowe Price Global Bond Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)	Value
*LONG-TERM INVESTMENTS — 92.8%*
*FOREIGN BONDS — 51.1%*
Australia — 0.3%
BHP Finance USA Ltd., Gtd. Notes
4.80%, 04/15/13	A2	USD210	$	210,926
New South Wales Treasury Corp., Gtd. Notes
6.00%, 05/01/12	AAA(d)	AUD495		379,512

				590,438

Austria — 4.3%
Republic of Austria, Unsub. Notes
4.00%, 07/15/09	Aaa	ATS7,585		9,710,704
Telekom Finanzmanagement GmbH, Gtd. Notes
5.00%, 07/22/13	Baa2	75		94,877

				9,805,581

Belgium — 0.1%
SCA Coordination Center NV, Gtd. Notes
4.50%, 07/15/15 144A (cost $163,988; purchased 6/30/03)(g)	NR	USD165		154,629

Canada — 2.8%
Alcan, Inc., Bonds
6.125%,12/15/33	Baa1	190		191,814
Canadian Government, Bonds
5.25%,06/01/12	Aaa	CAD2,680		2,175,150
5.25%, 06/01/13	Aaa	3,910		3,128,121
Canadian National Railway Co., Notes
4.40%, 03/15/13	Baa1	USD205		197,577
Canadian Natural Resources Ltd., Notes
7.20%, 01/15/32	Baa1	285		331,033
Falconbridge Ltd., Notes
7.35%, 06/05/12	Baa3	240		271,591
Ford Credit Canada, Sr. Notes
7.25%, 12/07/07	A3	CAD90		165,709

				6,460,995


	Moody’s Rating (Unaudited)	Par (000)	Value
Chile — 0.1%
Celulosa Arauco y Constitucion SA, Notes
5.125%, 07/09/13	Baa2	USD225	$	220,608

Denmark — 1.1%
Danske Bank AS, Sub. Notes
4.25%, 06/20/16 [VR] (c)	Aa3	USD150		181,811
Kingdom of Denmark, Bonds
8.00%, 03/15/06	Aaa	DKK12,360		2,316,471
TDC AS, Unsub. Notes
5.875%, 04/24/06	Baa1	100		133,508

				2,631,790

Finland — 1.7%
Finland Government, Bonds
5.00%, 07/04/07	Aaa	FIM3,000		4,004,860

France — 5.0%
BNP Paribas SA, Sub. Notes
5.625%, 08/07/08	Aa3	EUR150		201,991
5.25%, 12/17/12	Aa3	100		131,937
Credit Lyonnais SA, Sub. Notes
5.00%, 11/15/12	A1	300		394,854
Crown Euro Holdings SA, Sec’d. Notes
9.50%, 03/01/11	B1	USD200		227,500
Dexia Credit Local, Notes
5.25%, 04/25/08	Aa2	EUR270		362,214
France Telecom SA, Notes
9.25%, 03/01/11	Baa3	USD90		108,274
Sr. Unsub. Notes
7.00%, 12/23/09	Baa3	EUR435		622,045
French Government, Bonds
5.00%, 04/25/12	Aaa	2,750		3,674,836
5.50%, 04/25/29	Aaa	1,280		1,749,175
Notes
5.75%, 10/25/32	Aaa	1,210		1,712,948
French Treasury Notes, Sr. Notes
3.00%, 07/12/08	AAA(d)	1,620		2,003,303
Vivendi Environment, Sr. Notes
5.875%, 06/27/08	Baa1	300		405,303

				11,594,380

198

AST T. Rowe Price Global Bond Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)	Value

Germany — 9.8%
German Government, Bonds
4.125%, 08/27/04	Aaa	EUR600	$	766,540
5.00%, 05/20/05	Aaa	4,450		5,807,998
6.00%, 01/05/06	Aaa	4,200		5,636,799
4.00%, 02/16/07	Aaa	2,800		3,634,455
4.25%, 02/15/08	Aaa	300		390,515
4.50%, 07/04/09	Aaa	2,200		2,885,521
5.00%, 01/04/12	Aaa	1,750		2,338,040
5.50%, 01/04/31	Aaa	820		1,122,045

				22,581,913

Greece — 1.2%
Greek Government, Bonds
4.60%, 05/20/13	A1	965		1,237,561
6.50%, 01/11/14	NA	1,075		1,576,520

				2,814,081

Ireland — 1.3%
Irish Government, Bonds
4.25%, 10/18/07	Aaa	IEP2,000		2,609,339
Irish Life & Permanent PLC, Sub. Notes
6.25%, 02/15/11	A2	200		276,882

				2,886,221

Italy — 5.1%
Italy Treasury, Bonds
5.00%, 10/15/07	Aa2	EUR3,320		4,442,476
5.25%, 08/01/11	Aa2	1,170		1,585,344
7.25%, 11/01/26	Aa2	660		1,089,055
6.00%, 05/01/31	Aa2	240		344,580
Debs.
6.75%, 07/01/07	Aa2	2,920		4,109,009
UniCredito Italiano SPA, Sub. Notes
6.10%, 02/28/12	Aa3	150		208,197

				11,778,661

Japan — 5.7%
Japanese Government, Bonds
0.90%, 12/22/08	A2	UPY241,000		2,285,434
1.80%, 09/21/09	A2	308,000		3,045,967
1.30%, 06/20/11	A2	162,000		1,538,537
1.00%, 12/20/12	A2	527,100		4,809,005
2.00%, 06/20/22	A2	143,400		1,389,306

				13,068,249


	Moody’s Rating (Unaudited)	Par (000)	Value

Mexico
Telefonos de Mexico SA de CV, Notes
4.50%, 11/19/08 144A (cost $104,777; purchased 11/12/03)(g)	A3	USD105	$	105,685

Netherlands — 3.2%
Deutsche Telekom International Finance BV, Gtd. Notes
7.50%, 05/29/07	Baa3	EUR390		550,737
5.25%, 07/22/13	Baa3	200		202,496
E.ON International Finance BV, Gtd. Notes
5.75%, 05/29/09	A1	200		273,696
ING Bank NV, Sub. Notes
5.50%, 01/04/12	Aa3	400		536,883
5.125%, 05/01/15 144A (cost $111,898; purchased 5/13/03)(g)	Aa3	USD110		109,868
Koninlijke KPN NV, Sr. Unsub. Notes
4.75%, 11/05/08	Baa2	EUR100		129,856
Netherlands Government, Bonds
5.75%, 02/15/07	Aaa	660		897,906
5.00%, 07/15/12	Aaa	1,205		1,610,724
4.25%, 07/15/13	Aaa	1,720		2,163,949
Olivetti Finance NV, Gtd. Notes
6.50%, 04/24/07	Baa2	225		307,163
7.25%, 04/24/12	Baa2	125		181,844
RWE Finance BV, Gtd. Notes
5.50%, 10/26/07	A1	200		268,846

				7,233,968

Poland — 2.4%
Polish Government, Bonds
5.75%, 06/24/08	A2	PLZ21,300		5,490,755

Russia — 0.5%
Russian Ministry of Finance, Debs.
3.00%, 05/14/11	Ba1	USD1,370		1,078,787

199

AST T. Rowe Price Global Bond Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)	Value

Spain — 1.1%
Spanish Government, Bonds
6.00%, 01/31/29	Aaa	EUR1,130	$	1,648,530
5.75%, 07/30/32	Aaa	560		792,047

				2,440,577

Sweden — 0.5%
Swedish Government, Bonds
5.00%, 01/28/09	Aaa	SEK7,400		1,068,518

United Kingdom — 4.9%
Abbey National PLC, Sub. Notes
4.625%, 02/11/11	A1	GBP200		256,509
AIG SunAmerica Institutional Funding III Ltd., Sec’d. Notes
5.50%, 03/07/11	Aaa	315		426,644
British Telecom PLC, Notes
8.375%, 12/15/10	Baa1	USD205		249,867
Coca-Cola HBC Finance PLC, Gtd. Notes
5.25%, 06/27/06	A3	GBP200		264,469
HBOS PLC, Sub. Notes
6.00%, 11/01/33 144A (cost $177,857; purchased 10/22/03)(g)	Aa3	USD180		179,684
HBOS Treasury Services PLC, Gtd. Notes
4.75%, 02/06/07	Aa2	GBP300		394,933
Imperial Tobacco Finance, Gtd. Notes
6.375%, 09/27/06	Baa3	250		337,513
Monumental Global Funding, Sec’d. Notes
5.75%, 03/20/07	Aa3	120		217,311
NGG Finance PLC, Gtd. Notes
5.25%, 08/23/06	Baa1	200		264,192
Rio Tinto Finance PLC, Gtd. Notes
5.125%, 05/10/07	Aa3	200		265,658
Royal Bank of Scotland PLC, Sub. Notes
6.00%, 05/10/13	AA2	240		333,264
Union Bank of Switzerland London, Sub. Notes
8.00%, 01/08/07	Aa3	207		401,930
United Kingdom Treasury, Bonds
5.75%, 12/07/09	Aaa	465		879,368
5.00%, 03/07/12	AAA(d)	950		1,729,018
4.25%, 06/07/32	Aaa	2,080		3,475,296


	Moody’s Rating (Unaudited)	Par (000)	Value

United Kingdom, Bonds
8.50%, 12/07/05	Aaa	GBP575	$	1,109,517
United Utilities Water PLC, Gtd. Notes
6.625%, 11/08/07	A2	200		278,672
WPD Holdings UK, Jr. Unsub. Notes
6.875%, 12/15/07 144A (cost $122,856; purchased 11/06/03)(g)	Baa2	USD120		122,809
WPP Group PLC, Unsub. Notes
5.125%, 06/18/04	Baa2	GBP135		172,289

				11,358,943

Total Foreign Bonds
(Cost $102,226,852)				117,369,639

*U.S. GOVERNMENT AGENCY OBLIGATIONS — 14.8%*
Federal Home Loan Bank
5.75%, 05/15/12		USD900		981,881
Federal Home Loan Mortgage Corp.
Zero Coupon, 06/15/11 - 04/15/18 [IO]		1,581		190,453
4.50%, 03/15/16		1,000		996,110
4.641%, 09/01/32		302		309,277
5.00%, 12/01/08 - 01/01/34		2,654		2,660,980
5.50%, 04/15/28		925		952,475
6.00%, [TBA]		1,650		1,705,173
6.25%, 07/15/32		445		485,621
7.00%, 10/10/30 - 11/01/30		159		168,015

				7,468,104

Federal National Mortgage Assoc.
Zero Coupon, 02/01/32 - 04/01/33 [IO]		520		72,832
2.91%, 07/25/29		275		274,503
3.25%, 08/15/08		1,850		1,837,233
4.50%, 05/01/18		550		551,433
5.00%, 03/25/15		700		718,305
5.125%, 01/02/14		170		170,922
5.50%, 06/01/17 - 12/01/33		8,487		8,718,009
6.00%, 05/15/11 - 01/01/34		4,672		4,866,792

6.50%, 09/01/10 - 12/01/32		2,107		2,213,469
7.00%, 12/01/29 - 01/01/31		265		281,430

				19,704,928

200

AST T. Rowe Price Global Bond Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)	Value

Government National Mortgage Assoc.
4.00%, 10/15/18		USD1,016	$	993,840
5.50%, 10/15/17 - 01/01/34		1,778		1,818,108
6.50%, 05/15/16 - 09/20/32		1,588		1,688,669
7.00%, 03/15/13 - 12/15/13		412		442,434
7.50%, 09/15/30 - 11/15/32		581		623,892

				5,566,943

Student Loan Marketing Assoc.
4.00%, 01/15/09		240		241,922

(Cost $33,666,688)				33,963,778

*CORPORATE OBLIGATIONS — 12.4%*
Aerospace — 0.1%
Boeing Co., Debs.
8.75%, 08/15/21	A2	125		159,247

Automobile Manufacturers — 0.3%
DaimlerChrysler NA Holding Corp., Notes
6.50%, 11/15/13	A3	335		353,537
General Motors Corp., Debs.
8.375%, 07/15/33	Baa1	275		314,149

				667,686

Automotive Parts — 0.2%
Rexnord Corp., Gtd. Notes
10.125%, 12/15/12	B3	200		221,000
TRW Automotive, Inc., Sr. Notes
9.375%, 02/15/13	B1	200		229,500

				450,500

Beverages — 0.2%
Anheuser-Busch Companies, Inc., Bonds
4.375%, 01/15/13	A1	280		273,064
Bottling Group LLC, Gtd. Notes
4.625%, 11/15/12	A3	200		199,271

				472,335

Broadcasting — 0.4%
Clear Channel Communications, Inc., Sr. Notes
4.625%, 01/15/08	Baa3	200		206,518
Hearst-Argyle Television, Inc., Sr. Notes
7.00%, 01/15/18	Baa3	180		198,980
Liberty Media Corp., Sr. Notes
2.64%, 09/17/06 [FRN](c)	Baa3	95		96,108


	Moody’s Rating (Unaudited)	Par (000)	Value
News America, Inc., Gtd. Notes
6.55%, 03/15/33	Baa3	USD280	$	291,834
Univision Communications, Inc., Sr. Notes
2.875%, 10/15/06	Baa3	110		109,695

				903,135


Building Materials — 0.1%
Masco Corp., Notes
5.875%, 07/15/12	Baa1	245		261,068

Cable Television — 0.3%
Comcast Corp., Gtd. Notes
5.85%, 01/15/10	Baa3	415		443,777
Cox Communications, Inc., Notes
7.875%, 08/15/09	Baa2	225		266,156

				709,933

Chemicals — 0.3%
Chevron Phillips Chemical Co., Notes
5.375%, 06/15/07	Baa1	205		218,429
Dow Chemical Co., Notes
6.125%, 02/01/11	A3	150		161,631
Ethyl Corp., Gtd. Notes
8.875%, 05/01/10	B2	200		215,000

				595,060

Computer Hardware — 0.1%
International Business Machines Corp., Notes
4.25%, 09/15/09	A1	230		236,245

Consumer Products & Services — 0.1%
UST, Inc., Notes
6.625%, 07/15/12	A3	190		211,703

Containers & Packaging — 0.2%
Owens-Brockway Glass Containers Corp., Gtd. Notes
8.25%, 05/15/13	B2	200		215,500
Sealed Air Corp., Sr. Notes
5.375%, 04/15/08 144A (cost $217,849; purchased 4/09/03 - 6/26/03)(g)	Baa3	215		227,233

				442,733

Entertainment & Leisure — 0.3%
AOL Time Warner, Inc., Gtd. Notes
7.625%, 04/15/31	Baa1	210		243,195
Town Sports International, Inc., Gtd. Notes
9.625%, 04/15/11	B2	75		80,625
Viacom, Inc., Gtd. Notes
5.625%, 08/15/12	A3	120		127,909
5.50%, 05/15/33	A3	190		177,562

				629,291

201

AST T. Rowe Price Global Bond Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)	Value

Financial - Bank & Trust — 0.7%
ABN AMRO Bank NV, Sub. Notes
7.125%, 06/18/07	A1	USD215	$	242,738
Bank of America Corp., Sr. Notes
6.125%, 12/16/10	Aa2	215		405,382
BB&T Corp., Sub. Notes
6.50%, 08/01/11	A2	90		101,163
Capital One Bank, Notes
4.25%, 12/01/08	Baa2	195		194,368
Northern Trust Co., Sub. Notes
4.60%, 02/01/13	A1	155		150,583
Suntrust Banks, Inc., Sub. Notes
6.375%, 04/01/11	Aa3	200		224,237
Wachovia Corp., Sub. Notes
6.40%, 04/01/08	A1	230		253,863

				1,572,334

Financial Services — 3.6%
Bank One Corp., Sub. Notes
5.25%, 01/30/13	A1	285		292,902
Bear Stearns Co., Inc., Notes
4.00%, 01/31/08	A1	260		265,066
Bunge Limited Finance Corp., Notes
4.375%, 12/15/08 144A (cost $150,069; purchased 12/10/03)(g)	Baa3	150		151,052
CIT Group, Inc., Sr. Notes
2.875%, 09/29/06	A2	100		100,331
7.75%, 04/02/12	A2	235		278,074
Citigroup, Inc., Sub. Notes
5.625%, 08/27/12	Aa2	400		422,981
Countrywide Home Loans, Inc., Gtd. Notes
5.50%, 02/01/07	A3	200		214,451
Duke Capital Corp., Sr. Notes
7.50%, 10/01/09	Baa3	190		217,532
Ford Motor Credit Co., Notes
6.50%, 01/25/07	A3	520		554,300
Franklin Resources, Inc., Notes
3.70%, 04/15/08	A2	80		79,644
General Electric Capital Corp., Notes
3.50%, 05/01/08	Aaa	270		270,543
Sr. Unsub. Notes
5.125%, 06/20/07	Aaa	425		566,487
Unsub. Notes
6.00%, 06/15/12	Aaa	470		510,543
General Motors Acceptance Corp., Notes
6.00%, 07/03/08	A3	190		252,109
7.25%, 03/02/11	A3	250		274,663
Unsub. Notes
6.125%, 03/15/07	A3	200		265,930


	Moody’s Rating (Unaudited)	Par (000)	Value

Goldman Sachs Group, Inc., Notes
4.125%, 01/15/08	Aa3	USD390	$	400,237
4.25%, 08/04/10	Aa3	100		125,140
6.125%, 02/15/33	Aa3	115		116,204
Household Finance Corp., Notes
5.75%, 01/30/07	A1	200		216,373
6.375%, 11/27/12	A1	75		82,420
Unsub. Notes
5.125%, 06/24/09	A1	100		132,071
International Lease Finance Corp., Notes
6.375%, 03/15/09	A1	275		303,284
J.P. Morgan Chase & Co., Sub. Notes
5.75%, 01/02/13	A2	235		248,240
John Deere Capital Corp., Notes
7.00%, 03/15/12	A3	280		323,071
John Hancock Global Funding Ltd., Sec’d. Notes
3.875%, 02/08/06	AA(d)	200		255,487
Lehman Brothers Holdings, Inc., Notes
4.00%, 01/22/08	A1	130		132,716
Morgan Stanley, Notes
3.625%, 04/01/08	Aa3	170		170,406
Sr. Notes
4.375%, 03/01/10	Aa3	200		254,374
National Rural Utilities Cooperative Finance Corp., Collateral Trust
3.00%, 02/15/06	A1	270		273,511
PHH Corp., Notes
7.125%, 03/01/13	Baa1	150		168,329
State Street Corp., Sub. Notes
7.65%, 06/15/10	A1	170		203,565
Union Planters Corp., Notes
4.375%, 12/01/10	A2	130		129,657
Verizon Global Funding Corp., Notes
7.75%, 12/01/30	A2	245		288,872

				8,540,565

Financial — Brokerage —0.1%
Merrill Lynch & Co., Sr. Unsub. Notes
7.375%, 12/17/07	Aa3	90		173,800

Food — 0.3%
ConAgra Foods, Inc., Notes
7.50%, 09/15/05	Baa1	260		282,592
McCormick & Co., Inc., Notes
6.40%, 02/01/06	A2	310		335,771

				618,363

202

AST T. Rowe Price Global Bond Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)	Value

Healthcare Services
Highmark, Inc., Notes
6.80%, 08/15/13 144A (cost $99,779; purchased 8/14/03)(g)	Baa3	USD100	$	108,837

Industrial Products — 0.2%
Collins & Aikman Floor Coverings, Gtd. Notes
9.75%, 02/15/10	B2	165		177,375
National Waterworks, Inc., Gtd. Notes
10.50%, 12/01/12	B3	150		168,375

				345,750

Insurance — 0.9%
AIG SunAmerica Global Financing XII, Notes
5.30%, 05/30/07 144A (cost $361,217; purchased 5/15/02 - 8/15/02)(g)	Aaa	355		380,628
Allstate Financial Global Funding LLC, Notes
5.25%, 02/01/07 144A (cost $264,360; purchased 1/24/02)(g)	Aa2	265		285,046
Fund American Companies, Inc., Notes
5.875%, 05/15/13	Baa2	105		106,463
Marsh & McLennan Companies, Inc., Bonds
3.625%, 02/15/08	A2	90		90,403
Metlife, Inc., Sr. Notes
6.125%, 12/01/11	A2	300		327,696
Nationwide Financial Services, Inc., Sr. Notes
5.90%, 07/01/12	A3	200		209,087
NLV Financial Corp., Sr. Notes
7.50%, 08/15/33 144A (cost $146,376; purchased 8/20/03 - 12/03/03)(g)	Baa3	145		151,036
Security Benefit Life Insurance Co., Notes
7.45%, 10/01/33 144A (cost $94,786; purchased 9/26/03)(g)	Baa1	95		97,266
XL Capital Ltd., Gtd. Notes
6.50%, 01/15/12	A1	290		317,919

				1,965,544

Medical Supplies & Equipment — 0.1%
Abbott Laboratories, Notes
5.625%, 07/01/06	A1	305		329,176


	Moody’s Rating (Unaudited)	Par (000)	Value

Oil & Gas — 1.0%
Baker Hughes, Inc., Sr. Notes
6.875%, 01/15/29	A2	USD300	$	340,786
Buckeye Partners L.P., Notes
6.75%, 08/15/33	Baa2	95		99,971
ConocoPhillips, Gtd. Notes
5.90%, 10/15/32	A3	180		181,102
Devon Financing Corp., Gtd. Notes
6.875%, 09/30/11	Baa2	210		238,487
Kaneb Pipe Line Operating Partnership L.P., Sr. Notes
7.75%, 02/15/12	Ba1	145		166,171
Kinder Morgan, Inc., Sr. Notes
6.50%, 09/01/12	Baa2	235		259,757
Occidental Petroleum Corp., Notes
4.25%, 03/15/10	Baa1	110		110,839
Panhandle Eastern Pipe Line Co., Notes
4.80%, 08/15/08 144A (cost $89,673; purchased 8/13/03)(g)	Baa3	90		92,827
Pemex Project Funding Master Trust, Gtd. Notes
7.375%, 12/15/14	Baa1	400		429,001
Praxair, Inc., Notes
6.90%, 11/01/06	A3	240		267,613
Transocean, Inc., Notes
7.50%, 04/15/31	Baa2	130		149,338

				2,335,892

Paper & Forest Products —0.1%
Weyerhaeuser Co., Notes
6.75%, 03/15/12	Baa2	210		229,461

Pharmaceuticals
Alpharma, Inc., Sr. Notes
8.625%, 05/01/11 144A (cost $50,000; purchased 4/16/03)(g)	B3	50		51,000

Printing & Publishing — 0.1%
Houghton Mifflin Co., Sr. Sub. Notes
9.875%, 02/01/13	B3	100		110,500
Reed Elsevier Capital, Gtd. Notes
5.75%, 07/31/08	A3	165		223,465

				333,965

Railroads — 0.1%
Union Pacific Corp., Notes
6.50%, 04/15/12	Baa2	225		250,290

Real Estate — 0.1%
Pulte Homes, Inc., Gtd. Notes
7.875%, 08/01/11	Baa3	165		194,758

203

AST T. Rowe Price Global Bond Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)	Value

WCI Communities, Inc., Gtd. Notes
9.125%, 05/01/12	Ba3	USD25	$	27,625

				222,383

Retail & Merchandising —0.3%
AutoZone, Inc., Sr. Notes
4.75%, 11/15/10	Baa2	150		150,774
Fred Meyer, Inc., Gtd. Notes
7.45%, 03/01/08	Baa3	205		233,693
Office Depot, Inc., Notes
6.25%, 08/15/13	Baa3	185		194,600

				579,067

Telecommunications — 0.7%
AT&T Wireless Services, Inc., Sr. Notes
7.875%, 03/01/11	Baa2	170		196,217
8.75%, 03/01/31	Baa2	170		210,493
Citizens Communications Co., Sr. Notes
9.00%, 08/15/31	Baa2	110		128,784
INTELSAT Ltd., Notes
5.25%, 11/01/08 144A (cost $79,981; purchased 10/31/03)(g)	Baa3	80		82,412
Motorola, Inc., Notes
6.75%, 02/01/06	Baa3	120		129,350
Sprint Capital Corp., Gtd. Notes
6.375%, 05/01/09	Baa3	400		428,073
United States Cellular Corp., Notes
6.70%, 12/15/33	Baa1	115		115,408
Verizon Florida, Inc., Debs.
6.125%, 01/15/13	A1	95		101,880
Verizon Virginia, Inc., Debs.
4.625%, 03/15/13	Aa3	165		159,376

				1,551,993

Transportation
Hertz Corp., Sec’d. Notes
4.70%, 10/02/06	BBB-(d)	95		96,734

Utilities — 1.5%
AES Corp, Sec’d. Notes
8.75%, 05/15/13 144A (cost $200,000; purchased 5/01/03)(g)	B2	200		224,500
American Electric Power Co., Inc., Sr. Notes
5.375%, 03/15/10	Baa3	170		178,398
Appalachian Power Co., Sr. Notes
4.80%, 06/15/05	Baa2	225		234,238
Black Hills Corp., Notes
6.50%, 05/15/13	Baa3	230		233,537


	Moody’s Rating (Unaudited)	Par (000)	Value

Centerpoint Energy Resources Corp., Debs.
6.50%, 02/01/08	Ba1	USD35	$	37,528
CMS Energy Corp., Sr. Notes
9.875%, 10/15/07	B3	200		224,000
Consolidated Edison Co. of New York, Debs.
8.125%, 05/01/10	A1	200		243,262
Entergy Gulf States, Inc., First Mortgage Notes
5.20%, 12/03/07	Baa3	200		206,060
Exelon Generation Co. LLC, Notes
5.35%, 01/15/14 144A (cost $169,941; purchased 12/16/03)(g)	Baa1	170		169,697
FirstEnergy Corp., Notes
5.50%, 11/15/06	Baa2	190		196,966
Florida Power & Light Co., First Mortgage Notes
5.95%, 10/01/33	Aa3	145		149,045
Ohio Edison Co., Sr. Notes
4.00%, 05/01/08 144A (cost $204,275; purchased 10/01/03)(g)	Baa2	205		200,679
Pepco Holdings, Inc., Notes
3.75%, 02/15/06	Baa2	200		203,866
Pinnacle West Capital Corp., Sr. Notes
6.40%, 04/01/06	Baa2	190		203,922
Public Service Co. of New Mexico, Sr. Notes
4.40%, 09/15/08	Baa3	185		187,535
Sempra Energy Co., Notes
6.00%, 02/01/13	Baa1	240		255,428
TXU Energy Co., Sr. Notes
7.00%, 03/15/13	Baa2	110		121,911
Virginia Electric & Power Co., Sr. Notes
5.375%, 02/01/07	A3	250		266,839

				3,537,411

Total Corporate Obligations
(Cost $26,986,612)				28,581,501

*U.S. TREASURY OBLIGATIONS — 7.7%*
U.S. Treasury Bonds
7.50%, 11/15/16		30		38,203
6.25%, 08/15/23 - 05/15/30		1,485		1,698,889
6.00%, 02/15/26		970		1,075,980
6.50%, 11/15/26		265		311,831
5.375%, 02/15/31		580		605,036

				3,729,939

204

AST T. Rowe Price Global Bond Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)	Value

U.S. Treasury Inflationary Bonds
1.875%, 07/15/13		USD1,440	$	1,440,498
U.S. Treasury Notes
2.125%, 08/31/04(k)		990		997,078
5.875%, 11/15/04		4,330		4,504,892
6.50%, 08/15/05		1,730		1,866,914
3.50%, 11/15/06		960		992,588
4.75%, 11/15/08		2,085		2,232,743
4.375%, 08/15/12		75		76,512
3.875%, 02/15/13		530		518,986
4.25%, 11/15/13		1,350		1,348,946

				12,538,659

Total U.S. Treasury Obligations
(Cost $17,784,753)				17,709,096

*ASSET BACKED SECURITIES — 3.6%*
BankBoston Home Equity Loan Trust, Series 1998-1 Class A6
6.35%, 02/25/13	Aaa	343		359,087
Capital Auto Receivables Asset Trust, Series 2002-2 Class CTFS
4.18%, 10/15/07	Aaa	191		195,230
Chase Funding Mortgage Loan Asset-Backed, Series 2002-1 Class 1A3
5.039%, 12/25/23 [VR](c)	Aaa	300		302,088
Series 2002-2 Class 1M1
5.599%, 09/25/31	Aa2	60		62,460
Chase Funding Mortgage Loan Asset-Backed, Series 2002-3 Class 1A6
4.707%, 08/25/13	Aaa	250		256,205
Series 2003-1 Class 1A6
4.458%, 03/25/14	Aaa	600		598,950
Series 2003-3 Class 1M1
4.537%, 09/25/32	Aa2	225		214,198
Chase Manhattan Auto Owner Trust, Series 2001-B Class CTFS
3.75%, 05/15/08	A1	160		162,173
Series 2003-A Class A4
2.06%, 12/15/09	Aaa	455		446,096
Citibank Credit Card Issuance Trust, Series 2000-A3 Class A3
6.875%, 11/15/09	Aaa	825		939,946
Series 2000-C1 Class C1
7.45%, 09/15/07	Baa2	300		324,622
Series 2001-A1 Class A1
6.90%, 10/15/07	Aaa	150		162,613


	Moody’s Rating (Unaudited)	Par (000)	Value

Series 2001-C1 Class C1
2.23%, 01/15/10 [FRN](c)	Baa2	USD250	$	254,126
Series 2002-C1 Class C1
2.16%, 02/09/09 [FRN](c)	Baa2	475		480,867
Countrywide Asset-Backed Certificates, Series 2003-5 Class AF3
3.613%, 04/25/30	Aaa	340		343,200
Series 2003-60 Class 1A2
5.067%, 02/25/34	Aaa	165		167,939
Harley-Davidson Motorcycle Trust, Series 2001-1 Class B
5.29%, 01/15/09	A2	120		123,871
Series 2002-2 Class B
2.84%, 06/15/10	A2	297		300,636
Series 2003-2 Class B
1.89%, 02/15/11 144A (cost $325,825; purchased 5/13/03)(g)	A1	326		325,158
Series 2003-3 Class B
2.28%, 05/15/11	A2	111		111,169
Hyundai Auto Receivables Trust, Series 2003-A Class A4
3.02%, 10/15/10	Aaa	200		199,909
Series 2003-A Class D
4.06%, 10/15/10	Baa2	90		90,013
MBNA Credit Card Master Note Trust, Series 2001-C2 Class C2
2.27%, 12/15/10 [FRN] 144A(c) (cost $269,315; purchased 11/25/03)(g)	Baa2	265		270,080
MBNA Master Credit Card Trust, Series 2000-D Class C
8.40%, 09/15/09 144A (cost $703,445; purchased 5/16/02 - 12/06/02)(g)	BBB(d)	650		741,327
Reliant Energy Transition Bond Co. LLC, Series 2001-1 Class A4
5.63%, 09/15/15	Aaa	275		292,904
World Financial Network Credit Card Master Trust, Series 2003-A Class A2
1.49%, 05/15/12 [FRN]	Aaa	500		503,118

Total Asset Backed Securities
(Cost $8,104,379)				8,227,985

205

AST T. Rowe Price Global Bond Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)	Value
*COLLATERALIZED MORTGAGE OBLIGATIONS — 2.9%*
Bank of America Commercial Mortgage, Inc., Series 2003-1 Class A2
4.648%, 09/11/36	Aaa	USD500	$	497,425
Bank of America Mortgage Securities, Series 2003-L Class 2A2
4.368%, 01/25/34	Aaa	950		947,922

Bear Stearns Commercial Mortgage Securities, Series 2002-Top8 Class A2
4.83%, 08/15/38	AAA(d)	935		945,336
DLJ Commercial Mortgage Corp., Series 1999-CG2 Class A1B
7.30%, 06/10/32	Aaa	450		521,086
General Electric Capital Commercial Mortgage Corp., Series 2001-1 Class A2
6.531%, 05/15/33	Aaa	550		617,159
J.P. Morgan Chase Commercial Mortgage Finance Corp., Series 2001-CIB2 Class A2
6.244%, 04/15/35	AAA(d)	225		247,488
Series 2001-CIBC Class A3
6.26%, 03/15/33	AAA(d)	650		717,290
J.P. Morgan Commercial Mortgage Finance Corp., Series 1999-C7 Class A2
6.507%, 10/15/35	AAA(d)	550		613,440
Series 1999-PSL1 Class A2
7.108%, 02/15/32 [VR](c)	AAA(d)	895		1,020,545
Salomon Brothers Mortgage Securities VII, Series 2001-C1 Class A2
6.226%, 12/18/35	Aaa	300		329,374


symbol		description
*		Non-income producing security.
(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.
(d)		Standard & Poor’s rating.
(g)		Indicates a security that has been deemed illiquid. The aggregate cost of the illiquid securities is $4,254,120. The aggregate value, $4,374,987 represents 1.91% of net assets.


	Moody’s Rating (Unaudited)	Par (000)	Value

Summit Mortgage Trust, Series 2002-1 Class A2
6.227%, 06/28/16 [VR] 144A (c) (cost $145,853; purchased 5/28/02)(g)	NR	USD144	$	143,532

Total Collateralized Mortgage Obligations
(Cost $6,589,081)				6,600,597

*SOVEREIGN ISSUES — 0.3%*
Chile — 0.2%
Republic of Chile
5.50%, 01/15/13	Baa1	320		329,920

Mexico — 0.1%
United Mexican States
6.375%, 01/16/13	Baa2	260		270,400

Total Sovereign Issues
(Cost $574,370)				600,320



	Units
WARRANTS*
Central Bank of Nigeria (Nigeria), expiring 11/15/2020	250		0
Republic of Venezuela (Venezuela), expiring 04/15/2020	1,250		0
TravelCenters of America, expiring 05/01/2009	750		4,125

(Cost $0)			4,125

Total Long-Term Investments — 92.8%
(Cost $195,932,735; Note 5)			213,057,041
Other Assets in Excess of Liabilities — 7.2%			16,572,970

Net Assets — 100.0%		$	229,630,011

206

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December 31, 2003


symbol		description
(k)		Securities with an aggregate market value of $43,307 have been segregated with the custodian to cover margin requirements for the following open future contracts at December 31, 2003:



Description	Expiration Month	Notional Amount (000)		Contracts at Trade Date Value	Contracts at Current Value	Unrealized Appreciation (Depreciation)

Long Positions:
U.S. Treasury Bonds	03/04	$	500	538,203	546,563	$	8,360

Short Positions:
U.S. Treasury 5 Year Notes	03/04		9,600	10,685,907	10,716,000		(30,093	)
U.S. Treasury 10 Year Notes	03/04		8,600	9,647,164	9,654,844		(7,680	)

							(37,773	)

						$	(29,413	)

Foreign currency exchange contracts outstanding at December 31, 2003:


Settlement Month	Purchase Contracts	Contracts to Receive	In Exchange For		Contracts at Value		Unrealized Appreciation (Depreciation)

02/04	Buy CAD	4,792,153	$	3,685,000	$	3,693,401	$	8,401
02/04	Buy CNY	18,339,451		2,232,000		2,215,793		(16,207	)
04/04	Buy CNY	16,198,420		1,960,000		1,957,111		(2,889	)
05/04	Buy CNY	20,939,451		2,555,836		2,529,928		(25,908	)
09/04	Buy CNY	16,198,420		2,002,153		1,957,111		(45,042	)
02/04	Buy EUR	3,345,606		4,079,690		4,199,153		119,463
02/04	Buy GBP	740,364		1,248,254		1,314,778		66,524
02/04	Buy JPY	3,571,776,428		33,041,471		33,316,275		274,804
01/04	Buy KOR	2,488,625,000		2,150,000		2,088,649		(61,351	)
02/04	Buy NOK	2,025,000		292,503		302,806		10,303
02/04	Buy SEK	894,640		116,931		123,794		6,863
02/04	Buy THB	72,325,000		2,121,279		2,130,339		9,060

			$	55,485,117	$	55,829,138	$	344,021


Settlement Month	Sell Contracts	Contracts to Receive	In Exchange For		Contracts at Value		Unrealized Appreciation (Depreciation)

02/04	Sell CAD	6,678,210	$	5,087,954	$	5,147,020	$	(59,066	)
02/04	Sell CNY	18,339,451		2,229,504		2,215,793		13,711
04/04	Sell CNY	16,198,420		1,985,222		1,957,111		28,111
05/04	Sell CNY	20,939,451		2,594,021		2,529,928		64,093
09/04	Sell CNY	16,198,420		2,030,641		1,957,111		73,530
02/04	Sell DKK	6,938,918		1,100,368		1,169,597		(69,229	)
02/04	Sell EUR	9,385,611		11,253,906		11,780,115		(526,209	)
02/04	Sell GBP	238,012		409,000		422,675		(13,675	)
02/04	Sell PLZ	20,801,154		5,251,698		5,545,280		(293,582	)

			$	31,942,314	$	32,724,630	($	782,316	)

207

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December 31, 2003

The following abbreviations are used in portfolio descriptions:

144A	Security was purchased pursuant to Rule 144A under the securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted 144A securities are deemed to be liquid.

ATS	Austrian Shilling

AUD	Australian Dollar

CAD	Canadian Dollar

CNY	Chinese Yuan

DKK	Danish Krone

EUR	Euro Dollar

FIM	Finnish Murkka

FRN	Floating Rate Note

GBP	British Pound

IEP	Irish Punt

IO	Interest Only

JPY	Japanese Yen

KOR	Korean Won

NOK	Norwegian Krone

PLZ	Polish Zloty

SEK	Swedish Krona

TBA	Securities purchased on a forward commitment basis

THB

Thai Baht

USD	United States Dollar

VR	Variable Rate Bond

See Notes to Financial Statements.

208

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Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

*LONG-TERM INVESTMENTS — 96.8%*
*CORPORATE OBLIGATIONS — 95.8%*
Aerospace / Defense — 1.3%
Alliant Techsystems, Inc., Gtd. Notes 8.50%, 05/15/11	B2	$	2,200	$	2,431,000
DRS Technologies, Inc., Sr. Sub. Notes 6.875%, 11/01/13 144A	B2		1,300		1,339,000
Gencorp, Inc., Sr. Sub. Notes 9.50%, 08/15/13 144A	B2		1,050		1,097,250
Hexcel Corp., Gtd. Notes 9.875%, 10/01/08	B3		1,150		1,293,750
Hexcel Corp., Sr. Sub. Notes 9.75%, 01/15/09	Caa2		2,825		2,973,313
TD Funding Corp., Gtd. Notes 8.375%, 07/15/11 144A	B3		1,850		1,977,188

					11,111,501

Automotive — 4.4%
Accuride Corp., Sr. Sub. Notes, Series B 9.25%, 02/01/08	Caa1		800		828,000
Advanced Accessory System, Sr. Notes 10.75%, 06/15/11	B2		2,225		2,475,313
American Axle & Manufacturing, Inc., Gtd. Notes 9.75%, 03/01/09	Ba1		3,600		3,811,500
Arvin Industries, Inc., Sr. Notes 6.75%, 03/15/08	Baa3		1,400		1,471,750
Arvin Industries, Inc.,Notes 7.125%, 03/15/09	Baa3		775		822,469
ArvinMeritor, Inc., Notes 8.75%, 03/01/12	Baa3		1,275		1,463,063
Dana Corp., Notes 9.00%, 08/15/11	Ba3		550		665,500
General Motors Corp., Sr. Notes 7.125%, 07/15/13	Baa1		3,350		3,631,936
General Motors Corp., Debs 8.375%, 07/15/33	Baa1		3,525		4,026,819
Lear Corp., Gtd. Notes, Series B 8.11%, 05/15/09	Ba1		3,500		4,121,249
Rexnord Corp., Gtd. Notes 10.125%, 12/15/12	B3		2,700		2,983,500
Stoneridge, Inc., Gtd. Notes 11.50%, 05/01/12	B2		3,175		3,758,407


	Moody’s Rating (Unaudited)	Par (000)		Value

TRW Automotive, Inc., Sr. Sub. Notes 11.00%, 02/15/13	B2	$	5,725	$	6,798,437
United Components, Inc., Sr. Sub. Notes 9.375%, 06/15/13	B3		1,475		1,611,438

					38,469,381

Building Materials — 1.9%
Associated Materials, Inc., Gtd. Notes 9.75%, 04/15/12	B3		1,125		1,237,500
Collins & Aikman Corp., Gtd. Notes 9.75%, 02/15/10	B2		1,375		1,478,125
Euramax International PLC, Sr. Sub. Notes 8.50%, 08/15/11 144A	B2		3,400		3,638,000
FIMEP SA, Sr. Notes, (France) 10.50%, 02/15/13(l)	B1		1,275		1,487,606
MMI Products, Inc., Sr. Sub. Notes, Series B 11.25%, 04/15/07	Caa2		3,125		2,562,500
NCI Building Systems, Inc., Sr. Sub. Notes, Series B 9.25%, 05/01/09	B2		2,050		2,167,875
Norcraft Companies L.P., Sr. Sub. Notes 9.00%, 11/01/11 144A	B3		1,350		1,451,250
Nortek Holdings, Inc., Sr. Notes, Zero Coupon (until 11/15/07) 10.00%, 05/15/11 144A	Caa1		3,400		2,482,000

					16,504,856

Chemicals — 4.0%
Compass Minerals International, Sr. Notes, Zero Coupon (until 12/15/07) 12.75%, 12/15/12	NR		1,900		1,510,500
Compass Minerals International, Sr. Disc. Notes, Zero Coupon (until 06/01/08) 12.00%, 06/01/13 144A	NR		3,950		2,745,250
Equistar Chemical Funding Corp., Gtd. Notes 10.125%, 09/01/08	B2		3,025		3,342,624
FMC Corp., Sr. Sub. Notes 7.75%, 07/01/11	Ba2		275		280,500

209

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Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

FMC Corp., Sec’d. Notes 10.25%, 11/01/09	Ba2	$	1,600	$	1,880,000
General Chemical Industry Products, Inc., Sr. Sub. Notes 10.625%, 05/01/09 (cost $854,313; purchased 01/27/00—11/07/02)(g)(i)	NR		1,075		196,188
Huntsman Advanced Materials LLC, Sec’d. Notes 11.00%, 07/15/10 144A	B2		1,100		1,221,000
Huntsman ICI Chemicals LLC, Gtd. Notes 10.125%, 07/01/09	Caa1		4,600		4,783,999
Koppers, Inc., Gtd. Notes 9.875%, 10/15/13 144A	B2		1,575		1,748,250
Kraton Polymers LLC, Sr. Sub. Notes 8.125%, 01/15/14 144A	B3		575		602,313
Lyondell Chemical Co., Gtd. Notes 9.50%, 12/15/08	B1		2,850		3,021,000
Lyondell Chemical Co., Gtd. Notes 10.875%, 05/01/09	B3		2,775		2,872,125
Lyondell Chemical Co., Sec’d. Notes 9.875%, 05/01/07	B1		2,050		2,173,000
Nalco Co., Sr. Notes 7.75%, 11/15/11 144A	B2		725		779,375
Nalco Co., Sr. Sub. Notes 8.875%, 11/15/13 144A	Caa1		1,500		1,612,500
Rhodia SA, Sr. Notes (France) 7.625%, 06/01/10 144A(l)	B2		550		530,750
Rhodia SA, Sr. Notes (France) 8.875%, 06/01/11 144A(l)	B3		1,275		1,179,375
Texas Petrochemical Corp., Sr. Sub. Notes 11.125%, 07/01/06 (cost $1,999,052; purchased 03/17/99—05/10/01)(g)(i)	NR		2,125		690,625
Union Carbide Chemical & Plastic Corp., Gtd. Notes 8.75%, 08/01/22	B1		2,250		2,168,438


	Moody’s Rating (Unaudited)	Par (000)		Value

Union Carbide Chemical & Plastic Corp., Debs. 7.875%, 04/01/23	B1	$	250	$	229,688
Union Carbide Corp., Debs. 6.79%, 06/01/05	B1		1,375		1,338,906

					34,906,406

Construction Machinery — 2.1%
AGCO Corp., Gtd. Notes 9.50%, 05/01/08	Ba3		2,300		2,524,250
Case Corp., Notes 7.25%, 08/01/05	Ba3		2,500		2,618,750
Case New Holland, Inc., Sr. Notes 9.25%, 08/01/11 144A	Ba3		3,875		4,359,375
Clark Materials Handling Corp., Gtd. Notes, Series D 10.75%, 11/15/06 (cost $2,742,684; purchased 12/19/96—02/17/98)(g)(i)	NR		2,625		263
Columbus McKinnon Corp., Gtd. Notes 8.50%, 04/01/08	Caa1		2,925		2,749,500
Columbus McKinnon Corp., Sec’d. Notes 10.00%, 08/01/10	B3		425		453,688
Great Lakes Dredge & Dock, Sr. Sub. Notes 7.75%, 12/15/13 144A	B3		750		774,375
United Rentals, Inc., Gtd. Notes 10.75%, 04/15/08	B1		4,550		5,141,499

					18,621,700

Consumer Products — 4.9%
Alltrista Corp., Gtd. Notes 9.75%, 05/01/12	B2		3,225		3,571,688
American Achievement Corp., Gtd. Notes 11.625%, 01/01/07	B1		2,900		3,262,500
American Greetings Corp., Sr. Sub. Notes 11.75%, 07/15/08	Ba3		4,000		4,639,999
American Safety Razor Co., Sr. Notes, Series B 9.875%, 08/01/05	B3		650		646,750
Amscan Holdings, Inc., Sr. Sub. Notes 9.875%, 12/15/07	B3		1,800		1,813,500

210

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December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Armkel Finance, Inc., Sr. Sub. Notes 9.50%, 08/15/09	B2	$	1,275	$	1,410,469
Bombardier Recreational, Sr. Sub. Notes (Canada) 8.375%, 12/15/13 144A(l)	B3		575		600,875
Chattem, Inc., Gtd. Notes, Series B 8.875%, 04/01/08	B2		3,400		3,510,500
Commemorative Brands, Inc., Sr. Sub. Notes 11.00%, 01/15/07	Caa1		1,000		1,025,000
Diamond Brands Operating, Inc., Debs. 12.875%, 04/15/09 (cost $1,101,238; purchased 04/15/98)(g)(i)	NR		1,500		150
ICON Health & Fitness, Inc., Gtd. Notes 11.25%, 04/01/12	B3		1,450		1,616,750
Jostens Holdings Corp., Sr. Disc. Notes, Zero Coupon (until 12/01/08) 10.25%, 12/01/13 144A	Caa2		4,500		2,880,000
Jostens, Inc., Sr. Sub. Notes 12.75%, 05/01/10	B3		1,900		2,194,500
Playtex Products, Inc., Gtd. Notes 9.375%, 06/01/11	Caa1		2,900		2,929,000
Sealy Mattress Co., Gtd. Notes, Series B 10.875%, 12/15/07	B3		1,200		1,254,000
Sealy Mattress Co., Sr. Sub. Notes, Series B 9.875%, 12/15/07	B3		2,700		2,814,750
Simmons Co., Sr. Sub. Notes 7.875%, 01/15/14 144A	Caa1		575		583,625
Sleepmaster LLC, Gtd. Notes 11.00%, 05/15/09 (cost $896,931; purchased 11/15/02)(g)(i)	C		1,000		277,500
Tempur-Pedic, Inc., Sr. Sub. Notes 10.25%, 08/15/10 144A	B3		950		1,065,188


	Moody’s Rating (Unaudited)	Par (000)		Value

True Temper Sports, Inc., Sr. Sub. Notes 10.875%, 12/01/08	B3	$	1,950	$	2,076,750
United Industries Corp., Gtd. Notes, Series D 9.875%, 04/01/09	B3		3,875		4,078,437

					42,251,931

Diversified Manufacturing — 1.8%
Tyco International Group, Gtd. Notes, (Luxembourg) 6.375%, 10/15/11(l)	Ba2		12,750		13,638,420
Simonds Industries, Inc., Notes 10.00%, 10/01/08 (cost $302,221; purchased 03/08/01)(g)(o)	NR		158		157,500
Amsted Industries, Inc., Sr. Notes 10.25%, 10/15/11 144A	B3		1,500		1,665,000

					15,460,920

Energy — 4.1%
CITGO Petroleum Corp., Sr. Notes 11.375%, 02/01/11	Ba3		2,700		3,172,500
Compton Petroleum Corp., Sr. Notes 9.90%, 05/15/09	B2		2,025		2,222,438
Continental Resources, Inc., Gtd. Notes 10.25%, 08/01/08	Caa1		3,075		3,105,750
Lone Star Technologies, Inc., Gtd. Notes 9.00%, 06/01/11	B2		3,025		3,009,875
Magnum Hunter Resources, Inc., Gtd. Notes 9.60%, 03/15/12	B2		1,100		1,254,000
Pogo Producing Co., Sr. Sub. Notes, Series B 10.375%, 02/15/09	Ba3		4,100		4,381,875
Semco Energy, Inc., Sr. Notes 7.125%, 05/15/08	Ba2		950		993,938
Tennessee Gas Pipeline Co., Bonds 8.375%, 06/15/32	B1		1,575		1,677,375
Tesoro Petroleum Corp., Gtd. Notes 9.00%, 07/01/08	B3		700		729,750

211

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December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Tesoro Petroleum Corp., Gtd. Notes, Series B 9.625%, 11/01/08	B3	$	2,275	$	2,434,250
Tesoro Petroleum Corp., Sec’d. Notes 8.00%, 04/15/08	Ba3		975		1,050,563
Transcontinental Gas Pipe Line Corp., Notes, Series B 7.00%, 08/15/11	B1		150		162,375
Transcontinental Gas Pipe Line Corp., Notes, Series B Sr. Notes, Series B 8.875%, 07/15/12 Series B	B1		1,875		2,259,375
Williams Companies, Inc., Notes 7.625%, 07/15/19	B3		4,525		4,756,905
Williams Companies, Inc., Notes 7.875%, 09/01/21	B3		2,300		2,432,250
Williams Companies, Inc., Sr. Notes 8.625%, 06/01/10	B3		1,600		1,820,000

					35,463,219

Entertainment — 3.1%
AMC Entertainment, Inc., Sr. Sub. Notes 9.50%, 03/15/09	Caa1		1,225		1,274,000
AMC Entertainment, Inc., Sr. Sub. Notes 9.875%, 02/01/12	Caa1		2,675		2,982,625
AMF Bowling Worldwide, Inc., Sr. Sub. Notes 13.00%, 09/01/08	B3		1,625		1,844,375
Intrawest Corp., Gtd. Notes, (Canada) 10.50%, 02/01/10(l)	B1		1,975		2,197,188
Regal Cinemas, Inc., Gtd. Notes 9.375%, 02/01/12	B2		3,525		4,000,875
Six Flags, Inc., Sr. Notes 9.75%, 06/15/07	B2		374		394,103
Six Flags, Inc., Sr. Notes 9.75%, 04/15/13	B2		2,050		2,162,750
Universal City Development Partners L.P., Sr. Notes 11.75%, 04/01/10 144A	B2		5,125		6,047,500
Vivendi Universal SA, Sr. Notes (France) 6.25%, 07/15/08 144A(l)	B1		2,725		2,895,313


	Moody’s Rating (Unaudited)	Par (000)		Value

Vivendi Universal SA, Sr. Notes (France) 9.25%, 04/15/10 144A(l)	B1	$	3,000	$	3,555,000

					27,353,729

Environmental — 1.6%
Allied Waste North America Co., Gtd. Notes, Series B 7.625%, 01/01/06	Ba3		2,300		2,426,500
Allied Waste North America Co., Gtd. Notes, Series B 8.50%, 12/01/08	Ba3		5,100		5,686,500
Allied Waste North America Co., Gtd. Notes, Series B 7.875%, 01/01/09	Ba3		3,850		4,004,000
Sensus Metering Systems, Sr. Sub. Notes 8.625%, 12/15/13 144A	Caa1		1,375		1,416,250

					13,533,250

Financial Institutions — 0.3%
CBRE Escrow, Inc., Sr. Notes 9.75%, 05/15/10 144A	B1		675		752,625
Dollar Financial Group, Gtd. Notes 9.75%, 11/15/11 144A	B3		2,000		2,080,000

					2,832,625

Food & Beverage — 5.8%
Agrilink Foods, Inc., Gtd. Notes 11.875%, 11/01/08	B3		937		993,220
American Seafood Group LLC, Gtd. Notes 10.125%, 04/15/10	B3		3,225		3,853,875
B&G Foods, Inc., Gtd. Notes, Series D 9.625%, 08/01/07	B3		1,675		1,742,000
Constellation Brands, Inc., Gtd. Notes 8.00%, 02/15/08	Ba2		1,625		1,836,250
Constellation Brands, Inc., Gtd. Notes 8.125%, 01/15/12	Ba3		1,900		2,113,750
Cott Beverages, Inc., Sr. Notes 8.00%, 12/15/11	B2		2,000		2,175,000
Del Monte Corp., Sr. Sub. Notes 8.625%, 12/15/12	B2		1,700		1,882,750

212

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Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Del Monte Foods Corp., Gtd. Notes, Series B 9.25%, 05/15/11	B2	$	3,625	$	4,023,749
Dole Foods Co., Inc., Gtd. Notes 7.25%, 06/15/10	B2		600		624,000
Dole Foods Co., Inc., Sr. Notes 8.625%, 05/01/09	B2		5,100		5,622,749
Domino’s, Inc., Sr. Sub. Notes 8.25%, 07/01/11 144A	B3		825		895,125
Eagle Family Foods, Inc., Gtd. Notes, Series B 8.75%, 01/15/08	Caa2		2,200		1,617,000
Land O’ Lakes, Inc., Sr. Notes 8.75%, 11/15/11	B3		3,175		2,809,875
Michael Foods, Inc., Sr. Sub. Notes 8.00%, 11/15/13 144A	B3		1,450		1,515,250
National Beef Packaging Co., Sr. Notes 10.50%, 08/01/11 144A	B2		1,300		1,345,500
New World Pasta Co., Gtd. Notes 9.25%, 02/15/09	NR		1,825		479,063
Pilgrim’s Pride Corp., Gtd. Notes 9.625%, 09/15/11	B1		2,200		2,431,000
PPC Escrow Corp., Gtd. Notes 9.25%, 11/15/13 144A	B2		2,925		3,056,625
Reddy Ice Group, Inc., Sr. Sub. Notes 8.875%, 08/01/11 144A	B3		2,150		2,295,125
Smithfield Foods, Inc., Sr. Notes 8.00%, 10/15/09	Ba2		1,600		1,688,000
Smithfield Foods, Inc., Sr. Notes 7.75%, 05/15/13	Ba2		3,050		3,187,250
Smithfield Foods, Inc., Sr. Sub. Notes 7.625%, 02/15/08	Ba3		1,300		1,319,500
Swift & Co., Gtd. Notes 10.125%, 10/01/09	B1		1,350		1,441,125
Swift & Co., Sr. Sub. Notes 12.50%, 01/01/10 144A	B2		950		1,009,375


	Moody’s Rating (Unaudited)	Par (000)		Value

United Agricultural Products, Sr. Notes 8.25%, 12/15/11 144A	B3	$	725	$	748,563

					50,705,719

Gaming — 7.4%
Boyd Gaming Corp., Sr. Sub. Notes 8.75%, 04/15/12	B1		3,325		3,657,500
Cinemark USA, Inc., Sr. Sub. Notes 9.00%, 02/01/13	B3		1,350		1,525,500
Coast Hotels & Casinos, Inc., Gtd. Notes 9.50%, 04/01/09	B2		2,275		2,411,500
Harrah’s Operating Co., Inc., Gtd. Notes 7.875%, 12/15/05	Ba1		1,500		1,642,500
Isle of Capri Casinos, Inc., Gtd. Notes 8.75%, 04/15/09	B2		1,475		1,556,125
Isle of Capri Casinos, Inc., Gtd. Notes 9.00%, 03/15/12	B2		1,400		1,564,500
Majestic Star Casino LLC, Gtd. Notes 9.50%, 10/15/10 144A	B2		1,825		1,879,750
Mandalay Resort Group, Sr. Notes 9.50%, 08/01/08	Ba2		1,500		1,758,750
Mandalay Resort Group, Sr. Sub. Notes 10.25%, 08/01/07	Ba3		4,675		5,422,999
Mandalay Resort Group, Sr. Sub. Notes 9.375%, 02/15/10	Ba3		1,300		1,517,750
MGM Grand, Inc., Gtd. Notes 9.75%, 06/01/07	Ba2		2,125		2,443,750
MGM Grand, Inc., Gtd. Notes 6.00%, 10/01/09	Ba1		3,000		3,097,500
MGM Grand, Inc., Gtd. Notes 8.375%, 02/01/11	Ba2		5,700		6,497,999
Mohegan Tribal Gaming Co., Sr. Sub. Notes 6.375%, 07/15/09	Ba3		700		724,500
Mohegan Tribal Gaming Co., Sr. Sub. Notes 8.375%, 07/01/11	Ba3		1,100		1,204,500
Mohegan Tribal Gaming Co., Sr. Sub. Notes 8.00%, 04/01/12	Ba3		2,375		2,576,875

213

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December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Park Place Entertainment Corp., Sr. Sub. Notes 7.875%, 03/15/10	Ba2	$	6,575	$	7,314,687
Park Place Entertainment Corp., Sr. Sub. Notes 8.125%, 05/15/11	Ba2		1,100		1,243,000
Penn National Gaming, Inc., Gtd. Notes 8.875%, 03/15/10	B3		1,850		2,021,125
Penn National Gaming, Inc., Gtd. Notes, Series B 11.125%, 03/01/08	B3		2,000		2,262,500
Poster Financial Group, Sec’d. Notes 8.75%, 12/01/11 144A	B2		600		637,500
River Rock Entertainment, Sr. Notes 9.75%, 11/01/11 144A	B2		950		1,024,813
Sun International Ltd., Gtd. Notes 8.875%, 08/15/11	B2		2,750		3,011,250
Venetian Casino Resort LLC, Gtd. Notes 11.00%, 06/15/10	B3		3,600		4,194,000
Wynn Las Vegas LLC, Sr. Notes 12.00%, 11/01/10	B3		2,500		2,931,250

					64,122,123

Healthcare — 1.6%
Alaris Medical, Inc., Sr. Sub. Notes 7.25%, 07/01/11	B3		1,275		1,322,813
Fisher Scientific International, Inc., Sr. Sub. Notes 8.00%, 09/01/13 144A	B2		3,200		3,456,000
Fisher Scientific International, Inc., Sr. Sub. Notes 8.00%, 09/01/13	B2		1,000		1,080,000
Hanger Orthopedic Group, Inc., Gtd. Notes 10.375%, 02/15/09	B2		1,250		1,425,000
Kinetic Concepts, Inc., Sr. Sub. Notes 7.375%, 05/15/13 144A	B3		725		761,250
Sybron Dental Specialties, Inc., Gtd. Notes 8.125%, 06/15/12	B2		1,625		1,775,313


	Moody’s Rating (Unaudited)	Par (000)		Value

Universal Hospital Services, Inc., Sr. Notes 10.125%, 11/01/11 144A	B3	$	3,750	$	3,937,499

					13,757,875

Healthcare Services — 3.1%
AmeriPath, Inc., Gtd. Notes 10.50%, 04/01/13	B3		3,075		3,336,375
Ardent Health Services LLC, Sr. Sub. Notes 10.00%, 08/15/13 144A	B3		1,200		1,314,000
Concentra Operating Corp., Gtd. Notes 9.50%, 08/15/10 144A	B3		600		651,000
HCA, Inc., Sr. Notes 7.875%, 02/01/11	Ba1		5,475		6,170,873
HCA, Inc., Notes 6.91%, 06/15/05	Ba1		3,500		3,704,330
HCA, Inc., Notes 5.25%, 11/06/08	Ba1		600		612,924
HCA, Inc., Notes 8.75%, 09/01/10	Ba1		1,600		1,899,136
Hudson Respiratory Care, Inc., Sr. Sub. Notes 9.125%, 04/15/08	Ca		1,125		973,125
Magellan Health Services, Inc., Sr. Notes 9.375%, 11/15/07 144A(i)	NR		1,225		1,292,375
Manor Care, Inc., Gtd. Notes 8.00%, 03/01/08	Ba1		2,700		3,044,412
Vanguard Health Systems, Inc., Gtd. Notes 9.75%, 08/01/11	B3		3,500		3,823,750

					26,822,300

Industrial — Other — 2.8%
Brand Services, Inc., Gtd. Notes 12.00%, 10/15/12	B3		2,450		2,842,000
Briggs & Stratton Corp., Gtd. Notes 8.875%, 03/15/11	Ba1		2,125		2,502,188
Cabot Safety Corp., Sr. Sub. Notes 12.50%, 07/15/05	B3		2,150		2,198,375
Continental Global Group, Inc., Sr. Notes, Series B 11.00%, 04/01/07	C		600		123,000

214

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December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Eagle-Picher Industries, Inc., Sr. Notes 9.75%, 09/01/13 144A	B3	$	3,475	$	3,805,125
Foamex L.P. Capital Corp., Gtd. Notes 9.875%, 06/15/07	Caa2		325		264,875
Foamex L.P. Capital Corp., Gtd. Notes 10.75%, 04/01/09	B3		1,025		978,875
General Cable Corp., Sr. Notes 9.50%, 11/15/10 144A	B2		550		589,875
Hines Nurseries, Inc., Gtd. Notes 10.25%, 10/01/11 144A	B3		1,650		1,806,750
Interline Brands, Inc., Sr. Sub. Notes 11.50%, 05/15/11	Caa1		2,650		2,934,875
Neenah Corp., Sec’d. Notes 11.00%, 09/30/10 144A	B2		2,308		2,550,340
Neenah Corp., Sr. Sub. Notes 13.00%, 09/30/13 144A	NR		1,924		1,967,044
Norcross Safety Products LLC, Sr. Sub. Notes 9.875%, 08/15/11 144A	B3		1,300		1,443,000

					24,006,322

Lodging — 3.1%
Courtyard by Marriott II Ltd., Sr. Notes, Series B 10.75%, 02/01/08	B2		1,175		1,186,750
Felcor Lodging L.P., Gtd. Notes 10.00%, 09/15/08	B1		675		732,375
Florida Panthers Holdings, Inc., Gtd. Notes 9.875%, 04/15/09	B2		3,025		3,236,750
Hilton Hotels Corp., Notes 7.625%, 05/15/08	Ba1		2,525		2,818,531
Hilton Hotels Corp., Notes 8.25%, 02/15/11	Ba1		2,300		2,656,500
HMH Properties, Inc., Gtd. Notes 7.875%, 08/01/08, Series B	Ba3		3,650		3,809,688
HMH Properties, Inc., Sr. Notes, Series C 8.45%, 12/01/08	Ba3		970		1,018,500


	Moody’s Rating (Unaudited)	Par (000)		Value

MTR Gaming Group, Gtd. Notes, Series B 9.75%, 04/01/10	B2	$	2,350	$	2,526,250
Royal Caribbean Cruises Ltd., Sr. Notes 8.00%, 05/15/10	Ba2		2,050		2,244,750
Starwood Hotels & Resorts Worldwide, Inc., Notes 6.75%, 11/15/05	Ba1		575		608,063
Starwood Hotels & Resorts Worldwide, Inc., Gtd. Notes 7.375%, 05/01/07	Ba1		4,125		4,465,312
Starwood Hotels & Resorts Worldwide, Inc., Gtd. Notes 7.875%, 05/01/12	Ba1		1,500		1,687,500

					26,990,969

Media — Cable — 2.4%
Charter Communications Holdings LLC, Sr. Disc. Notes, Zero Coupon (until 05/15/06) 11.75%, 05/15/11	Ca		5,050		3,383,500
Charter Communications Holdings LLC, Sr. Notes 10.25%, 09/15/10 144A	Caa1		3,650		3,841,625
Charter Communications Holdings LLC, Sr. Notes 10.00%, 05/15/11	Ca		3,000		2,625,000
CSC Holdings, Inc., Sr. Notes 7.875%, 12/15/07	B1		3,075		3,251,813
CSC Holdings, Inc., Sr. Notes 8.125%, 07/15/09	B1		5,800		6,249,499
CSC Holdings, Inc., Sr. Sub. Notes 10.50%, 05/15/16	B2		425		487,688
Rogers Cablesystems Ltd., Gtd. Notes 11.00%, 12/01/15	Ba3		750		873,750

					20,712,875

Media — Non Cable — 8.8%
Advanstar Communications, Inc., Gtd. Notes 12.00%, 02/15/11	Caa2		3,450		3,648,375
Advanstar Communications, Inc., Sec’d. Notes 10.75%, 08/15/10 144A	B3		425		462,188

215

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Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Advanstar, Inc., Gtd. Notes, Zero Coupon (until 10/15/05) 15.00%, 10/15/11	NR	$	1,675	$	1,310,688
American Media Operations, Inc., Gtd. Notes, Series B 10.25%, 05/01/09	B2		2,575		2,768,125
Block Communications, Inc., Gtd. Notes 9.25%, 04/15/09	B2		2,475		2,666,813
Dex Media East LLC, Gtd. Notes 12.125%, 11/15/12	B3		4,925		6,106,999
Dex Media West, Sr. Sub. Notes 9.875%, 08/15/13 144A	B3		4,500		5,253,750
Dex Media, Inc., Disc. Notes, Zero Coupon (until 11/15/08) 9.00%, 11/15/13 144A	Caa1		1,750		1,238,125
Dex Media, Inc., Notes 8.00%, 11/15/13 144A	Caa1		875		929,688
DIRECTV Holdings LLC, Sr. Notes 8.375%, 03/15/13	B1		5,000		5,825,000
Echostar DBS Corp. 5.75%, 10/01/08 144A	Ba3		2,000		2,032,500
Echostar DBS Corp., Sr. Notes 10.375%, 10/01/07	Ba3		5,750		6,346,562
Lamar Media Corp., Gtd. Notes 7.25%, 01/01/13	Ba3		1,525		1,647,000
LodgeNet Entertainment Corp., Sr. Sub. Notes 9.50%, 06/15/13	B3		2,100		2,310,000
Muzak Finance LLC, Sr. Notes 10.00%, 02/15/09	B3		1,650		1,757,250
Panamsat Corp., Gtd. Notes 8.50%, 02/01/12	Ba3		4,675		5,189,250
Quebecor Media, Inc., Sr. Disc. Notes, Zero Coupon (until 07/15/06) 13.75%, 07/15/11	B2		1,700		1,513,000
Quebecor Media, Inc., Sr. Notes 11.125%, 07/15/11	B2		2,475		2,877,188


	Moody’s Rating (Unaudited)	Par (000)		Value

R.H. Donnelley Corp., Gtd. Notes 10.875%, 12/15/12 144A	B2	$	2,850	$	3,398,625
Sinclair Broadcast Group, Inc., Gtd. Notes 8.75%, 12/15/11	B2		1,275		1,421,625
Sinclair Broadcast Group, Inc., Gtd. Notes 8.00%, 03/15/12	B2		3,650		3,960,249
Vertis, Inc., Gtd. Notes, Series B 10.875%, 06/15/09	B3		5,200		5,563,999
Vertis, Inc., Sec’d Notes 9.75%, 04/01/09	B2		750		817,500
XM Satellite Radio, Inc., Sec’d. Notes 12.00%, 06/15/10	Caa1		2,075		2,360,313
XM Satellite Radio, Inc., Sec’d. Notes, Zero Coupon (until 12/31/05) 14.00%, 12/31/09	Caa1		2,312		2,081,048
Yell Finance BV, Sr. Disc. Notes, Zero Coupon (until 08/01/06) (Netherlands) 13.50%, 08/01/11(l)	B2		1,360		1,258,000
Yell Finance BV, Sr. Notes (Netherlands) 10.75%, 08/01/11(l)	B2		1,137		1,341,660
Ziff Davis Media, Inc., Gtd. Notes, Series B 12.00%, 08/12/09	NR		388		361,118

					76,446,638

Metals & Mining — 1.1%
California Steel Industries, Inc., Sr. Notes 8.50%, 04/01/09	Ba3		525		556,500
Commonwealth Industries, Inc., Sr. Sub. Notes 10.75%, 10/01/06	B3		725		743,125
Compass Minerals Group, Inc., Gtd. Notes 10.00%, 08/15/11	B3		1,625		1,828,125
Imco Recycling, Inc., Sec’d. Notes 10.375%, 10/15/10 144A	B3		1,975		2,054,000
Republic Technologies, Inc., Gtd. Notes 13.75%, 07/15/09 (cost $789,690; purchased 08/06/99)(g)(i)	NR		1,700		25,500

216

AST Federated High Yield Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Ryerson Tull, Inc., Notes 9.125%, 07/15/06	B1	$	1,900	$	1,919,000
United States Steel Corp., Sr. Notes 9.75%, 05/15/10	B1		2,325		2,650,500

					9,776,750

Packaging — 3.9%
Berry Plastics Corp., Gtd. Notes 10.75%, 07/15/12	B3		1,600		1,850,000
Berry Plastics Corp., Sr. Sub. Notes 10.75%, 07/15/12 144A	B3		1,100		1,271,875
Graham Packaging Co., Gtd. Notes 4.735%, 01/15/08 [FRN](c)	Caa1		1,325		1,179,250
Graham Packaging Co., Gtd. Notes 8.75%, 01/15/08	Caa1		2,525		2,600,750
Graham Packaging Co., Inc., Sr. Sub. Notes 8.75%, 01/15/08 144A	Caa1		800		824,000
Graham Packaging Co., Inc., Sr. Disc. Notes, Series B 10.75%, 01/15/09	Caa2		500		517,500
Graphic Packaging International Corp., Sr. Sub. Notes 9.50%, 08/15/13 144A	B3		400		444,000
Greif, Inc., Gtd. Notes 8.875%, 08/01/12	B2		1,600		1,768,000
Huntsman Packaging Corp., Gtd. Notes 13.00%, 06/01/10	Caa1		2,100		1,942,500
Jefferson Smurfit Corp., Gtd. Notes 8.25%, 10/01/12	B2		1,500		1,627,500
Jefferson Smurfit Corp., Gtd. Notes 7.50%, 06/01/13	B2		1,200		1,260,000
Owens-Brockway Glass Containers Corp., Gtd. Notes 8.875%, 02/15/09	B1		1,150		1,262,125
Owens-Brockway Glass Containers Corp., Gtd. Notes 8.25%, 05/15/13	B1		4,500		4,848,750


	Moody’s Rating (Unaudited)	Par (000)		Value

Owens-Illinois, Inc., Sr. Notes 8.10%, 05/15/07	B3	$	2,000	$	2,115,000
Owens-Illinois, Inc., Sr. Notes 7.35%, 05/15/08	B3		2,050		2,116,625
Plastipak Holdings, Inc., Gtd. Notes 10.75%, 09/01/11	B3		1,100		1,226,500
Pliant Corp., Sec’d. Notes 11.125%, 09/01/09	B3		500		543,750
Pliant Corp., Sr. Sub Notes 13.00%, 06/01/10	Caa1		1,675		1,549,375
Russell-Stanley Holdings, Inc. Sr. Sub. Notes 9.00%, 11/30/08 [PIK] 144A	NR		312		3,897
Tekni-Plex, Inc., Gtd. Notes 12.75%, 06/15/10	B3		4,350		4,785,000

					33,736,397

Paper — 2.8%
Boise Cascade Co., Sr. Notes 6.50%, 11/01/10	Ba2		275		288,478
Boise Cascade Co., Sr. Notes 7.00%, 11/01/13	Ba2		525		551,906
Georgia-Pacific Corp., Gtd. Notes 9.375%, 02/01/13	Ba2		8,850		10,221,750
Georgia-Pacific Corp., Notes 7.50%, 05/15/06	Ba3		2,000		2,125,000
Georgia-Pacific Corp., Notes 8.125%, 05/15/11	Ba3		2,000		2,220,000
JSG Funding PLC, Sr. Notes (Ireland) 9.625%, 10/01/12(l)	B2		3,600		4,050,000
MDP Acquisitions PLC, Sub. Notes (Ireland) 15.50%, 10/01/13 [PIK](l)	B3		1,447		1,684,394
Stone Container Corp., Sr. Notes 9.75%, 02/01/11	B2		1,500		1,665,000
Tembec Industries, Inc., Gtd. Notes (Canada) 8.50%, 02/01/11(l)	Baa3		1,425		1,482,000

					24,288,528

Restaurants — 0.7%
Advantica Restaurant Group, Inc., Sr. Notes 11.25%, 01/15/08	Ca		1,750		1,225,000

217

AST Federated High Yield Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Buffets, Inc., Sr. Sub. Notes 11.25%, 07/15/10	B3	$	1,225	$	1,329,125
Carrols Corp., Gtd. Notes 9.50%, 12/01/08	B3		3,375		3,459,375

					6,013,500

Retailers — 3.5%
Buhrmann U.S., Inc., Gtd. Notes 12.25%, 11/01/09	B2		4,750		5,343,750
Community Distributors, Inc., Gtd. Notes, Series B 10.25%, 10/15/04	NR		500		431,250
Couche-Tard Corp., Sr. Sub. Notes 7.50%, 12/15/13 144A	Ba3		1,675		1,771,313
General Nutrition Center, Sr. Sub. Notes 8.50%, 12/01/10 144A	B3		1,225		1,261,750
Michaels Stores, Inc., Sr. Notes 9.25%, 07/01/09	Ba1		1,075		1,187,875
Mothers Work, Inc., Gtd. Notes 11.25%, 08/01/10	B3		1,575		1,740,375
PCA Finance Corp., Sr. Notes 11.875%, 08/01/09	B3		3,000		3,284,999
Penney (J.C.) Co., Inc., Notes 9.00%, 08/01/12	Ba3		5,368		6,441,600
Rite Aid Corp., Notes 8.125%, 05/01/10	B2		2,400		2,592,000
Rite Aid Corp., Sec’d. Notes 6.875%, 08/15/13	Caa2		4,025		3,884,125
United Auto Group, Inc., Gtd. Notes 9.625%, 03/15/12	B3		2,300		2,558,750

					30,497,787

Services — 0.6%
Brickman Group Ltd., Gtd. Notes, Series B 11.75%, 12/15/09	B2		2,475		2,895,749
Sitel Corp., Gtd. Notes 9.25%, 03/15/06	Caa2		2,175		2,153,250

					5,048,999

Technology — 2.8%
Activant Solutions, Sr. Notes 10.50%, 06/15/11	B2		2,025		2,202,188


	Moody’s Rating (Unaudited)	Par (000)		Value

AMI Semiconductor, Inc., Gtd. Notes 10.75%, 02/01/13	B3	$	1,365	$	1,631,175
Danka Business Systems, Sr. Notes (Luxembourg) 11.00%, 06/15/10 144A(l)	B2		1,750		1,736,875
Ingram Micro, Inc., Sr. Sub. Notes 9.875%, 08/15/08	Ba2		3,025		3,357,750
Seagate Technology HDD Holdings, Gtd. Notes 8.00%, 05/15/09	Ba2		1,000		1,085,000
Telex Communications, Inc., Sec’d. Notes 11.50%, 10/15/08 144A	B3		800		854,000
Unisys Corp., Sr. Notes 6.875%, 03/15/10	Ba1		2,500		2,700,000
Viasystems, Inc., Sr. Sub. Notes 10.50%, 01/15/11 144A	Caa2		750		802,500
Xerox Corp., Gtd. Notes 9.75%, 01/15/09	B1		5,450		6,417,375
Xerox Corp., Sr. Notes 7.625%, 06/15/13	B1		3,250		3,526,250

					24,313,113

Textile — 1.8%
Broder Brothers Co., Sr. Notes 11.25%, 10/15/10 144A	B3		1,425		1,417,875
Dyersburg Corp., Gtd. Notes, Series B 9.75%, 09/01/07 (cost $1,757,563; purchased 09/03/97—10/20/97)(g)(i)	NR		1,725		173
GFSI, Inc., Sr. Sub. Notes, Series B 9.625%, 03/01/07	B3		2,175		2,011,875
Levi Strauss & Co., Sr. Notes 11.625%, 01/15/08	Ca		2,325		1,522,875
Levi Strauss & Co., Sr. Notes 12.25%, 12/15/12	Ca		1,150		753,250
Phillips Van-Heusen, Sr. Notes 8.125%, 05/01/13	B2		1,925		2,050,125

218

AST Federated High Yield Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Russell Corp., Gtd. Notes 9.25%, 05/01/10 (cost $2,011,500; purchased 04/11/02 - 10/28/02)(g)	B1	$	1,975	$	2,054,000
Warnaco, Inc., Sr. Notes 8.875%, 06/15/13 144A	B2		4,450		4,605,749
William Carter Co., Gtd. Notes 10.875%, 08/15/11	B3		1,445		1,665,363

					16,081,285

Tobacco — 0.6%
Commonwealth Brands, Inc., Sec’d. Notes 10.625%, 09/01/08 144A	B3		2,150		2,354,250
Dimon, Inc., Gtd. Notes 9.625%, 10/15/11	Ba3		725		813,813
Dimon, Inc., Sr. Notes 7.75%, 06/01/13 144A	Ba3		1,650		1,674,750

					4,842,813

Transportation — 1.4%
Allied Holdings, Inc., Gtd. Notes, Series B 8.625%, 10/01/07	Caa1		2,900		2,791,250
Holt Group, Inc., Gtd. Notes 9.75%, 01/15/06 (cost $1,372,500; purchased 01/14/98 - 02/09/98)(g)(i)	C		1,350		45,563
NationsRent, Inc., Sec’d. Notes 9.50%, 10/15/10 144A	B2		1,875		2,025,000
Petroleum Helicopters, Inc., Gtd. Notes, Series B 9.375%, 05/01/09	B1		2,425		2,582,625
Stena AB, Sr. Notes (Sweden) 9.625%, 12/01/12(l)	Ba3		2,800		3,164,000
Stena AB, Sr. Notes, (Sweden) 7.50%, 11/01/13 144A(l)	Ba3		1,500		1,519,155

					12,127,593

Utilities — 3.1%
Calpine Canada Energy, Gtd. Notes (Canada) 8.50%, 05/01/08(l)	Caa1		2,725		2,173,188
Calpine Corp., Sr. Notes 8.50%, 02/15/11	Caa1		2,700		2,139,750
CMS Energy Corp., Sr. Notes 8.90%, 07/15/08	B3		1,250		1,365,625


	Moody’s Rating (Unaudited)	Par (000)		Value

CMS Energy Corp., Sr. Notes 7.50%, 01/15/09	B3	$	4,050	$	4,252,500
CMS Energy Corp., Sr. Notes 8.50%, 04/15/11	B3		1,000		1,085,000
Illinois Power Corp., First Mortgage Notes 11.50%, 12/15/10	B3		3,700		4,495,500
NRG Energy, Inc., Sec’d. Notes 8.00%, 12/15/13 144A	B2		2,250		2,376,563
PG&E Corp., Sec’d. Notes 6.875%, 07/15/08 144A	NR		1,250		1,352,563
PSEG Energy Holdings, Inc., Sr. Notes 10.00%, 10/01/09	Ba3		3,975		4,685,530
Reliant Resources, Inc., Sec’d. Notes 9.25%, 07/15/10 144A	B1		1,450		1,558,750
Reliant Resources, Inc., Sec’d. Notes 9.50%, 07/15/13 144A	B1		1,775		1,908,125

					27,393,094

Utility – Natural Gas — 2.7%
ANR Pipeline, Inc., Notes 8.875%, 03/15/10	B1		500		564,375
Caithness Coso Fund Corp., Sec’d. Notes 9.05%, 12/15/09	Ba2		2,792		3,043,088
El Paso Corp., Sr. Notes 6.95%, 12/15/07	Caa1		2,175		2,088,000
El Paso Corp., Sr. Notes 6.75%, 05/15/09	Caa1		2,100		2,010,750
El Paso Corp., Sr. Notes 8.05%, 10/15/30	Caa1		3,450		3,018,750
El Paso Corp., Sr. Notes 7.80%, 08/01/31	Caa1		6,475		5,544,218
El Paso Production Holding Corp., Gtd. Notes 7.75%, 06/01/13 144A	B2		3,275		3,270,906
Swift Energy Co., Sr. Sub. Notes 9.375%, 05/01/12	B3		2,675		2,929,125
Tennessee Gas Pipeline, Debs. 7.50%, 04/01/17	B1		1,000		1,028,750

					23,497,962

Wireless Communications — 6.3%
ACC Escrow Corp., Sr. Notes 10.00%, 08/01/11 144A	B2		3,000		3,345,000
Alaska Communications Systems Holdings, Inc., Gtd. Notes 9.375%, 05/15/09	B3		1,250		1,256,250

219

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Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)		Par (000)		Value

Alaska Communications Systems Holdings, Inc., Sr. Notes 9.875%, 08/15/11 144A	B2		$	1,525	$	1,608,875
Cincinnati Bell, Inc., Gtd. Notes 7.25%, 07/15/13 144A	B2			2,825		3,015,123
Cincinnati Bell, Inc., Sr. Sub. Notes 8.375%, 01/15/14 144A	B3			2,175		2,359,875
Eircom Funding, Sr. Sub. Notes (Ireland) 8.25%, 08/15/13(l)	B1			1,275		1,418,438
Nextel Communications, Inc., Sr. Notes 9.375%, 11/15/09	B2			9,400		10,269,499
Nextel Partners, Inc., Sr. Notes 12.50%, 11/15/09	Caa1			838		980,460
Nextel Partners, Inc., Sr. Notes 11.00%, 03/15/10	Caa1			725		806,563
Nextel Partners, Inc., Sr. Notes 11.00%, 03/15/10	Caa1			1,425		1,585,313
Qwest Corp., Notes 8.875%, 03/15/12 144A	Ba3			7,550		8,682,499
Qwest Services Corp., Notes 13.50%, 12/15/10 144A	CCC+	(d)		12,350		15,066,999
Rogers Cantel, Inc., Sr. Sub. Notes (Canada) 8.80%, 10/01/07(l)	B2			2,500		2,581,250
Triton PCS, Inc., Gtd. Notes 8.50%, 06/01/13	B2			1,750		1,890,000

						54,866,144

Total Corporate Obligations
(Cost $792,946,163)						832,558,304


	Shares	Value

*PREFERRED STOCK — 0.7%*
Healthcare Services
River Holding Corp., Series B, 11.50% [PIK]* (cost $637,833; purchased 04/02/98 - 11/14/03)(g)	9,262	$	93

Media – Non Cable — 0.4%
Primedia, Inc.,
Series D, 10.00%,	8,475		834,788
Series F, 9.20%	17,250		1,647,374
Series H, 8.625%	13,100		1,211,750
Ziff Davis Media, Inc.,
Series E, 10.00%*	108		2,403

			3,696,315

Retailers — 0.3%
General Nutrition Center, 12.00% 144A	2,400		2,406,000

Wireless Communications McLeodUSA, Inc., Series A, 2.50% [CVT]*	24,880		189,586

Total Preferred Stock
(Cost $12,047,972 )			6,291,994


*COMMON STOCK — 0.2%*
Packaging
Russell-Stanley Holdings, Inc.* (cost $523,314; purchased 02/05/99 - 03/30/99)(g)	39,000		39,000

Entertainment
AMF Bowling Worldwide, Inc.*	4,409		106,477

Diversified Manufacturing
Simonds Industries, Inc.* (cost $340,716; purchased 03/08/01)(g)(o)	10,428		261,639

Metals & Mining — 0.1%
ACP Holding Corp.*144A	731,028		438,617
Royal Oak Mines, Inc.* (cost $7,351; purchased 02/24/99)(g)	66,164		298

			438,915

Media — Cable — 0.1%
NTL, Inc.*	6,490		452,677
Viatel Holding Ltd. (United Kingdom)*	13,205		32,682

			485,359

Total Common Stock
(Cost $6,944,603)			1,331,390

220

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Schedule of Investments

December 31, 2003


	Units		Value

**WARRANTS — 0.1%***
Media — Non Cable
Advanstar Holdings Corp., expiring 10/15/11		1,100	$	11

Packaging
Pliant Corp., expiring 06/01/10		1,000		10

Entertainment
AMF Bowling Worldwide, Inc., Series A, expiring 03/09/09		10,375		29,828
AMF Bowling Worldwide, Inc., Series B, expiring 03/09/09		10,136		2,585

				32,413

Metals & Mining — 0.1%
ACP Holding Corp., expiring 10/07/13		658,733		329,366

Paper
MDP Acquisitions PLC, expiring 10/01/13 (Ireland) 144A		900		5,850

Media — Non Cable
Ziff Davis Holdings, Inc., expiring 08/12/12 (cost $198; purchased 07/18/00)(g)		19,800		198

Wireless Communications
McLeodUSA, Inc., expiring 04/16/07		55,131		28,117
XM Satellite Radio Holdings, Inc., expiring 03/15/10		2,000		42,500

				70,617

Total Warrants
(Cost $2,807,182)				438,465

RIGHTS*
Media — Cable
NTL, Inc. (Cost $20)		1		20

Total Long-Term Investments (Cost $814,745,940)				840,620,173

	Par (000)
*SHORT-TERM INVESTMENT — 1.6%*
Repurchase Agreement — 1.5%
Greenwich Capital Markets, Inc.
0.70%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $13,846,538 (Collateralized by U.S. Treasury Bills, 2.875%,(n) maturing 6/30/04, par value $14,007,000, market value including accrued interest $14,133,938)	$	13,846		13,846,000


	Shares	Value
Registered Investment Companies — 0.1%
BlackRock Provident Institutional Funds TempCash Portfolio	221,250	$	221,250
BlackRock Provident Institutional Funds TempFund Portfolio	221,250		221,250

			442,500

Total Short-Term Investments (Cost $14,288,500)			14,288,500

Total Investments — 98.4%
(Cost $829,034,440; Note 5)			854,908,673
Other Assets in Excess of Liabilities — 1.6%			13,602,686

Net Assets — 100.0%		$	868,511,359

The following abbreviations are is used in portfolio descriptions:

144A	Security was purchased pursuant to Rule 144A under the securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted 144A securities are deemed to be liquid.

CVT	Convertible Security

FRN	Floating Rate Note

PIK	Payment in Kind Security


symbol		description
*		Non-income producing security.
(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.
(d)		Standard & Poor’s rating.
(g)		Indicates a security that has been deemed illiquid. The aggregate cost of the illiquid securities is $15,337,104. The aggregate value, $3,748,690 represents 0.43% of net assets.
(i)		Represents issuer in default on interest payments, Non-income producing security.
(l)		US$ Denominated Foreign Bonds.
(n)		Rates shown are the effective yields at purchase date.
(o)		Indicates a fair valued security.

See Notes to Financial Statements.

221

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Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

*LONG-TERM INVESTMENTS — 76.9%*
*CORPORATE OBLIGATIONS — 57.6%*
Aerospace/Defense — 1.2%
Alliant Techsystems, Inc., Gtd. Notes
8.50%, 05/15/11	B2	$	250	$	276,250
DRS Technologies, Inc., Sr. Sub. Notes
6.875%, 11/01/13 144A	B2		1,000		1,030,000
Esterline Technologies Corp., Sr. Sub. Notes
7.75%, 06/15/13 144A	B1		500		540,000
Raytheon Co., Notes
4.85%, 01/15/11	Baa3		1,500		1,504,199
Titan Corp., Gtd. Notes
8.00%, 05/15/11 144A	B2		750		855,000

					4,205,449

Airlines — 0.3%
American Airlines, Inc., Bonds
8.608%, 04/01/11	Baa3		700		637,891
Delta Air Lines, Inc., Pass-Thru Cert., Series 01-1
7.711%, 09/18/11	Baa3		500		443,329

					1,081,220

Apparel & Textile — 0.1%
Tommy Hilfiger USA, Inc., Gtd. Notes
6.85%, 06/01/08	Ba1		500		503,750

Automotive — 0.1%
General Motors Corp., Sr. Notes
7.125%, 07/15/13(a)	Baa1		275		298,144

Automobile Parts & Equipment — 1.7%
Collins & Aikman Products Corp., Gtd. Notes
10.75%, 12/31/11	B2		500		493,750
Cummins, Inc., Sr. Notes
9.50%, 12/01/10 144A	Ba2		750		866,250
Dana Corp., Notes
10.125%, 03/15/10	Ba3		750		877,500
Delco Remy International, Inc., Gtd. Notes
11.00%, 05/01/09(a)	B3		1,175		1,222,000
Dura Operating Corp., Gtd. Notes, Series D
9.00%, 05/01/09(a)	B2		850		854,250


	Moody’s Rating (Unaudited)	Par (000)		Value

Goodyear Tire & Rubber Co., Notes
7.857%, 08/15/11(a)	B2	$	1,000	$	877,500
Tenneco Automotive, Inc., Sec’d Notes, Series B
10.25%, 07/15/13	B2		565		645,513

					5,836,763

Banking — 0.1%
Wachovia Corp., Sub. Notes
6.605%, 10/01/05	A1		325		358,190

Beverages — 0.6%
Le-Natures, Inc., Sr. Sub. Notes
9.00%, 06/15/13 144A	B3		2,000		2,100,000

Building & Construction — 0.9%
Beazer Homes USA, Inc., Gtd. Notes
8.375%, 04/15/12	Ba2		500		553,750
Sr. Notes
6.50%, 11/15/13 144A(a)	Ba2		500		501,875
D.R. Horton, Inc., Sr. Notes
6.875%, 05/01/13	Ba1		500		535,000
Schuler Homes, Inc., Gtd. Notes
9.375%, 07/15/09	Ba1		500		565,000
William Lyon Homes, Inc.
10.75%, 04/01/13	B3		750		856,875

					3,012,500

Building Material — 0.5%
Fedders North America, Inc., Gtd. Notes
9.375%, 08/15/07	Caa1		400		404,000
Interface, Inc., Sr. Sub. Notes, Series B
9.50%, 11/15/05(a)	Caa3		500		487,500
Jacuzzi Brands, Inc., Sec’d Notes
9.625%, 07/01/10 144A	B3		750		828,750

					1,720,250

Chemicals — 1.3%
Airgas, Inc., Gtd. Notes
9.125%, 10/01/11	Ba2		350		394,625
IMC Global, Inc., Gtd. Notes, Series B
11.25%, 06/01/11	B1		700		773,500
Koppers, Inc., Gtd. Notes
9.875%, 10/15/13 144A	B2		450		499,500

222

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Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Kranton Polymers LLC, Sr. Sub. Notes
8.125%, 01/15/14 144A	B3	$	45	$	47,138
Lyondell Chemical Co., Sec’d Notes, Series A
9.625%, 05/01/07	B1		750		795,000
Rhodia SA, Sr. Notes (France)
8.875%, 06/01/11 144A(a)(l)	Caa1		1,500		1,387,500
Terra Capital, Inc., Sec’d Notes
11.50%, 06/01/10	Caa1		700		735,000

					4,632,263

Computer Hardware — 0.5%
ASML Holding N.V. (Netherlands)
5.75%, 10/15/06(I)	B3		1,000		1,315,000
Seagate Technology HDD Holdings, Gtd. Notes
8.00%, 05/15/09	Ba2		500		542,500

					1,857,500

Consumer Products — 1.0%
Bombardier Recreational, Sr. Sub. Notes (Canada)
8.375%, 12/15/13 144A(1)	B3		500		522,500
JohnsonDiversey, Inc., Gtd. Notes, Series B
9.625%, 05/15/12	B2		750		840,000
Rayovac Corp., Sr. Sub. Notes
8.50%, 10/01/13	B3		2,000		2,095,000

					3,457,500

Diversified Capital Goods — 1.0%
Blount, Inc., Gtd. Notes
13.00%, 08/01/09	Caa2		550		595,375
Eagle-Picher Industries, Inc., Sr. Notes
9.75%, 09/01/13 144A	B3		500		547,500
Sensus Metering Systems, Sr. Sub. Notes
8.625%, 12/15/13 144A	Caa1		500		515,000
Stena AB, Sr. Notes, (Sweden)
7.50%, 11/01/13 144A(l)	Ba3		765		774,769


	Moody’s Rating (Unaudited)	Par (000)		Value

Tyco International Group SA, Sr. Notes (Luxembourg)
6.00%, 11/15/13 144A(l)	Ba2	$	925	$	957,375

					3,390,019

Electric Generation — 1.3%
Calpine Corp., Sec’d. Notes
8.50%, 07/15/10 144A	B(d)		2,750		2,695,000
Sr. Notes
7.875%, 04/01/08(a)	Caa1		500		392,500
Dynegy Holdings, Inc., Sec’d Notes
9.875%, 07/15/10 144A	B3		500		565,000
NRG Energy, Inc., Sec’d. Notes
8.00%, 12/15/13 144A	B2		425		448,906
Reliant Resources, Inc., Sec’d. Notes
9.50%, 07/15/13 144A(a)	B1		560		602,000

					4,703,406

Electric — Integrated — 1.9%
Duke Energy Corp., Sr. Notes, Series B
5.375%, 01/01/09	Baa1		1,500		1,583,715
PPL Energy Supply LLC, Sr. Notes
6.40%, 11/01/11	Baa2		500		547,070
Teco Energy, Inc., Sr. Notes
7.50%, 06/15/10	Ba1		2,000		2,150,000
Virginia Electric & Power Co., Notes
4.50%, 12/15/10	A3		2,000		2,019,554
7.00%, 01/01/24	A2		300		309,155

					6,609,494

Electronics — 0.7%
Micron Technology, Inc.
2.50%, 02/01/10 [CVT]	B2		1,000		1,327,500
STMicroelectronics N.V. (Netherlands)
Zero Coupon, 07/05/13 [CVT](l)	A3		1,000		1,071,017

					2,398,517

Energy Exploration —1.1%
El Paso Production Holding Corp., Gtd. Notes
7.75%, 06/01/13 144A	B2		1,250		1,248,438
Houston Exploration Co., Sr. Sub. Notes
7.00%, 06/15/13 144A	B2		250		259,375

223

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Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Magnum Hunter Resources, Inc., Gtd. Notes
9.60%, 03/15/12	B2	$	1,000	$	1,140,000
Range Resources Corp., Sr. Sub. Notes
7.375%, 07/15/13	B3		1,000		1,005,000

					3,652,813

Energy Production —0.5%
Forest Oil Corp., Sr. Notes
8.00%, 06/15/08	Ba3		350		383,250
Hanover Compressor Co., Sr. Notes
8.625%, 12/15/10(a)	B3		1,395		1,429,875

					1,813,125

Environmental Services — 1.0%
Allied Waste North America, Inc., Sr. Notes
7.875%, 04/15/13	Ba3		2,500		2,718,750
Nalco Co., Sr. Sub. Notes
8.875%, 11/15/13 144A	Caa1		825		886,875

					3,605,625

Financial Services — 0.3%
Alamosa Delaware, Inc., Gtd. Notes
11.00%, 07/31/10	Caa1		1,000		1,090,000

Food & Drug Retailers —1.4%
Ingles Markets, Inc., Gtd. Notes
8.875%, 12/01/11	Ba3		1,400		1,414,000
Rite Aid Corp., Notes
8.125%, 05/01/10	B2		2,000		2,159,999
Roundy’s, Inc., Gtd. Notes, Series B
8.875%, 06/15/12	B2		750		804,375
Stater Brothers Holdings, Inc., Sr. Notes
10.75%, 08/15/06	B2		500		529,375

					4,907,749

Food - Wholesale — 2.3%
B&G Foods, Inc., Gtd. Notes, Series D
9.625%, 08/01/07	B3		2,000		2,080,000
Corn Products International, Inc., Sr. Notes
8.45%, 08/15/09	Ba1		500		561,250
Dean Foods Co., Sr. Notes
6.625%, 05/15/09	Ba2		1,250		1,318,750


	Moody’s Rating (Unaudited)	Par (000)		Value

Dole Foods Co., Debs.
7.875%, 07/15/13	B2	$	1,000	$	1,107,500
Land O’ Lakes, Inc., Sec’d Notes
9.00%, 12/15/10 144A	B2		400		405,000
Sr. Notes
8.75%, 11/15/11(a)	B3		400		354,000
Michael Foods, Inc., Sr. Sub. Notes
8.00%, 11/15/13 144A	B3		1,500		1,567,500
Pinnacle Foods Holding Corp., Sr. Sub. Notes
8.25%, 12/01/13 144A	B3		475		494,000

					7,888,000

Forestry/Paper — 2.2%
Boise Cascade Co., Sr. Notes
6.50%, 11/01/10	Ba2		800		839,208
Buckeye Technologies, Inc., Sr. Sub. Notes
8.00%, 10/15/10	Caa1		1,250		1,231,250
Georgia-Pacific Corp., Debs.
8.25%, 03/01/23	Ba3		1,100		1,122,000
Jefferson Smurfit Corp., Gtd. Notes
8.25%, 10/01/12	B2		1,000		1,085,000
JSG Funding PLC, Sr. Notes (Ireland)
9.625%, 10/01/12(l)	B2		750		843,750
Longview Fibre Co., Sr. Sub. Notes
10.00%, 01/15/09	B2		500		551,250
Millar Western Forest Products Ltd., Sr. Notes
7.75%, 11/15/13 144A	B3		590		615,075
Tembec Industries, Inc., Gtd. Notes (Canada)
7.75%, 03/15/12(l)	Ba3		1,500		1,500,000

					7,787,533

Gaming — 3.7%
Aztar Corp., Sr. Sub. Notes
8.875%, 05/15/07	Ba3		1,500		1,573,125
Boyd Gaming Corp., Sr. Sub. Notes
8.75%, 04/15/12	B1		1,500		1,650,000
Hard Rock Hotel, Inc., Notes
8.875%, 06/01/13 144A	B3		1,340		1,433,800
Isle of Capri Casinos, Inc., Gtd. Notes
9.00%, 03/15/12	B2		1,250		1,396,875
Mandalay Resort Group, Sr. Sub. Notes
9.375%, 02/15/10(a)	Ba3		600		700,500

224

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Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Mohegan Tribal Gaming Co., Sr. Sub. Notes
6.375%, 07/15/09	Ba3	$	1,000	$	1,035,000
Park Place Entertainment Corp., Sr. Notes
7.50%, 09/01/09	Ba1		350		386,750
Sr. Sub. Notes
9.375%, 02/15/07	Ba2		1,000		1,137,500
Penn National Gaming, Inc., Sr. Sub. Notes
6.875%, 12/01/11 144A	B3		750		746,250
River Rock Entertainment, Sr. Notes
9.75%, 11/01/11 144A	B2		755		814,456
Turning Stone Casino Resort Enterprise, Sr. Notes
9.125%, 12/15/10 144A	B1		500		546,250
Venetian Casino Resort LLC, Gtd. Notes
11.00%, 06/15/10	B3		500		582,500

					12,003,006

Gas Distribution — 2.0%
Northwest Pipeline Corp., Gtd. Notes
8.125%, 03/01/10	B1		500		557,500
PSE&G Energy Holdings, Inc., Sr. Notes
8.50%, 06/15/11	Ba3		500		556,875
Semco Energy, Inc., Sr. Notes
7.125%, 05/15/08 144A	Ba2		800		837,000
7.75%, 05/15/13	Ba2		1,855		1,940,793
Sonat, Inc., Notes
6.875%, 06/01/05(a)	Caa1		750		742,500
7.625%, 07/15/11(a)	Caa1		1,000		931,250
Suburban Propane Partners L.P., Sr. Notes
6.875%, 12/15/13 144A	B1		850		862,750
Williams Companies, Inc., Sr. Notes
8.625%, 06/01/10(a)	B3		500		568,750

					6,997,418

Health Services — 4.0%
Abgenix
3.50%, 03/15/07	NR		1,000		933,750
AmeriPath, Inc., Gtd. Notes
10.50%, 04/01/13	B3		1,500		1,627,500
Hanger Orthopedic Group, Inc., Gtd. Notes
10.375%, 02/15/09	B2		500		570,000


	Moody’s Rating (Unaudited)	Par (000)		Value

HEALTHSOUTH Corp., Sr. Notes
8.375%, 10/01/11	NR	$	760	$	722,000
Iasis Healthcare Corp., Gtd. Notes
8.50%, 10/15/09	B3		1,400		1,466,500
Mariner Health Care, Inc., Sr. Sub. Notes
8.25%, 12/15/13 144A	B3		375		380,625
Medex, Inc., Sr. Sub. Notes
8.875%, 05/15/13 144A	B3		2,000		2,160,000
National Nephrology Associates, Inc., Sr. Sub. Notes
9.00%, 11/01/11 144A	B3		335		352,588
Pacificare Health Systems, Inc., Gtd. Notes
10.75%, 06/01/09	B1		640		758,400
Prime Medical Services, Inc., Gtd. Notes
8.75%, 04/01/08	B3		750		727,500
Rotech Healthcare, Inc., Gtd. Notes
9.50%, 04/01/12	B2		750		787,500
Tenet Healthcare Corp., Notes
7.375%, 02/01/13(a)	B1		1,000		1,010,000
Triad Hospitals, Inc., Gtd. Notes, Series B
8.75%, 05/01/09	B1		530		575,050
Sr. Sub. Notes
7.00%, 11/15/13 144A	B3		750		759,375
UnitedHealth Group, Inc., Notes
4.875%, 04/01/13	A3		1,000		1,008,815

					13,839,603

Hotels — 1.8%
Felcor Lodging L.P., Gtd. Notes
9.00%, 06/01/11	B1		700		766,500
Gaylord Entertainment Co., Sr. Notes
8.00%, 11/15/13 144A	B3		2,050		2,173,000
Hilton Hotels Corp., Notes
8.25%, 02/15/11	Ba1		1,000		1,155,000
HMH Properties, Inc., Gtd. Notes
7.875%, 08/01/08 Series B	Ba3		1,000		1,043,750
Host Marriott L.P.
9.25%, 10/01/07 [REIT]	Ba3		1,000		1,122,500

					6,260,750

225

AST Lord Abbett Bond - Debenture Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Household & Leisure Products — 0.5%
Costco Wholesale Corp.,
Zero Coupon, 08/19/17	A3	$	1,000	$	851,250
Remington Arms Co., Inc.,
Notes 10.50%, 02/01/11	B2		750		802,500

					1,653,750

Leisure — 0.2%
Six Flags, Inc., Sr. Notes
9.50%, 02/01/09	B3		750		789,375

Machinery — 0.4%
JLG Industries, Inc., Gtd. Notes
8.25%, 05/01/08	B2		600		654,750
Manitowoc Co., Inc. (The), Sr. Notes
7.125%, 11/01/13	B1		665		690,769

					1,345,519

Media - Broadcasting — 2.2%
Allbritton Communications, Sr. Sub. Notes
7.75%, 12/15/12	B3		2,050		2,137,125
Clear Channel Communications, Inc., Sr. Notes
4.625%, 01/15/08	Baa3		2,000		2,065,176
Paxson Communications Corp., Gtd. Notes
10.75%, 07/15/08	Caa1		1,500		1,644,375
Sinclair Broadcast Group, Inc., Gtd. Notes
8.75%, 12/15/11	B2		1,000		1,115,000
TV Azteca SA de CV, Sr. Notes, Series B (Mexico)
10.50%, 02/15/07(l)	B1		575		590,813

					7,552,489

Media - Cable — 4.7%
Charter Communications Holdings LLC, Sr. Notes
10.00%, 04/01/09(a)	Ca		3,300		2,953,500
Comcast Corp., Gtd. Notes
5.85%, 01/15/10	Baa3		2,800		2,994,160
Comcast U.K. Cable Corp., Debs. (Bermuda)
11.20%, 11/15/07(l)	Caa2		1,225		1,243,375
CSC Holdings, Inc., Debs., Series B
8.125%, 08/15/09	B1		1,500		1,616,250
DIRECTV Holdings LLC, Sr. Notes
8.375%, 03/15/13	B1		1,250		1,456,250


	Moody’s Rating (Unaudited)	Par (000)		Value

EchoStar DBS Corp., Sr. Notes
6.375%, 10/01/11 144A	Ba3	$	1,500	$	1,545,000
Insight Communications Co., Inc., Zero Coupon (until 02/15/06) 12.25%,
02/15/11	Caa2		2,750		2,364,999
Mediacom LLC, Sr. Notes, Series B
8.50%, 04/15/08(a)	B2		2,000		2,050,000

					16,223,534

Media - Diversified — 0.5%
Block Communications, Inc., Gtd. Notes
9.25%, 04/15/09	B2		1,550		1,670,125

Media Services — 0.2%
Interpublic Group of Companies, Inc., Notes
7.25%, 08/15/11	Baa3		500		547,500

Metals & Mining — 0.2%
Century Aluminum Co., Notes
11.75%, 04/15/08	B1		500		560,000

Non-Food & Drug Retailers — 1.2%
Couche-Tard Corp., Sr. Sub. Notes
7.50%, 12/15/13 144A	Ba3		240		253,800
Penny, (J.C.) Co., Inc.
8.00%, 03/01/10	Ba3		250		287,813
6.875%, 10/15/15	Ba3		1,000		1,056,250
7.95%, 04/01/17	Ba3		1,275		1,455,094
Saks, Inc.
9.875%, 10/01/11	B1		1,000		1,195,000

					4,247,957

Oil Field Equipment Services — 0.2%
Key Energy Services, Inc., Gtd. Notes
8.375%, 03/01/08	Ba2		500		537,500
Sr. Notes
6.375%, 05/01/13	Ba2		175		178,500

					716,000

Packaging — 1.7%
Bway Corp., Sr. Sub. Notes
10.00%, 10/15/10	B3		1,000		1,095,000
Crown Cork & Seal Co., Inc., Debs.
7.375%, 12/15/26	B3		1,575		1,431,281

226

AST Lord Abbett Bond - Debenture Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Graham Packaging Co., Inc., Sr. Disc. Notes, Series B
10.75%, 01/15/09	Caa2	$	150	$	155,250
Owens-Brockway Glass Containers Corp., Gtd. Notes
8.875%, 02/15/09	B1		1,750		1,920,625
Plastipak Holdings, Inc., Gtd. Notes
10.75%, 09/01/11	B3		500		557,500
Portola Packaging, Inc., Sr. Notes
10.75%, 10/01/05	B2		500		503,750
Tekni-Plex, Inc., Sec’d. Notes
8.75%, 11/15/13 144A	B2		175		183,313

					5,846,719

Pharmaceuticals — 2.8%
Allergan, Inc.
Zero Coupon, 11/06/22 [CVT]	A3		1,000		957,500
Alpharma, Inc., Sr. Notes
8.625%, 05/01/11 144A	B3		2,000		2,040,000
Amgen, Inc.
Zero Coupon, 03/01/32 [CVT]	A2		1,000		758,750
Biovail Corp. (Canada)
7.875%, 04/01/10(l)	B2		2,500		2,562,500
Cell Therapeutics, Inc.
5.75%, 06/15/08	NR		88		90,860
Cephalon, Inc.
2.50%, 12/15/06 [CVT]	B-(d)		500		479,375
PerkinElmer, Inc., Gtd. Notes
8.875%, 01/15/13(a)	Ba3		1,500		1,725,000
Teva Pharmaceuticals Financial
0.375%, 11/18/07	BBB-(d)		810		1,127,925

					9,741,910

Printing & Publishing — 1.7%
Dex Media West, Sr. Sub. Notes
9.875%, 08/15/13 144A	B3		600		700,500
Dex Media, Inc., Notes
8.00%, 11/15/13 144A	Caa1		1,250		1,328,125
Houghton Mifflin Co.
8.25%, 02/01/11 144A	B2		1,900		2,042,500
Primedia, Inc., Sr. Notes
8.875%, 05/15/11	B3		1,600		1,692,000
Von Hoffman Corp.
10.25%, 03/15/09 144A	B2		100		107,000

					5,870,125


	Moody’s Rating (Unaudited)	Par (000)		Value

Services & Software — 1.3%
Electronic Data Systems Corp., Notes, Series B
6.00%, 08/01/13(a)	Baa3	$	2,000	$	1,969,504
Mentor Graphics Corp.
6.875%, 06/15/07	NR		1,750		1,870,313
Unisys Corp., Sr. Notes
8.125%, 06/01/06	Ba1		750		813,750

					4,653,567

Steel Producers & Products — 0.1%
Armco, Inc., Sr. Notes
9.00%, 09/15/07	B3		400		357,000

Support Services — 0.9%
Iron Mountain, Inc., Gtd. Notes
7.75%, 01/15/15	B2		1,500		1,578,750
6.625%, 01/01/16	B2		1,500		1,466,250

					3,045,000

Telecommunications — 4.6%
Centennial Communications Corp., Gtd. Notes
10.125%, 06/15/13	Caa1		1,500		1,657,500
Cincinnati Bell, Inc., Sr. Sub. Notes
8.375%, 01/15/14 144A	B3		850		922,250
Corning, Inc.
7.00%, 03/15/07	Ba2		750		753,750
3.50%, 11/01/08 [CVT]	Ba2		1,600		1,990,000
Dobson Communications Corp., Sr. Notes
10.875%, 07/01/10(a)	B3		500		547,500
8.875%, 10/01/13 144A(a)	B3		850		864,875
Eircom Funding, Sr. Sub. Notes (Ireland)
8.25%, 08/15/13(l)	B1		250		278,125
Level 3 Financing, Inc., Sr. Notes
10.75%, 10/15/11 144A	Caa2		700		743,750
Nextel Communications, Inc. Notes
5.25%, 01/15/10	B2		1,000		1,020,000
Sr. Notes
9.50%, 02/01/11	B2		1,000		1,135,000
7.375%, 08/01/15	B2		300		324,000
Nextel Partners, Inc., Sr. Notes
8.125%, 07/01/11(a)	Caa1		350		374,500
Qwest Services Corp., Notes
13.50%, 12/15/10 144A	CCC+(d)		1,500		1,830,000

227

AST Lord Abbett Bond - Debenture Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Rural Cellular Corp.
9.75%, 01/15/10	Caa2	$	300	$	294,750
9.875%, 02/01/10	Caa1		1,500		1,605,000
Western Wireless Corp., Sr. Notes
9.25%, 07/15/13	Caa1		550		583,000
Worldcom, Inc.
6.50%, 04/15/10(a)(i)	NR		1,500		1,215,000

					16,139,000

Transportation — 0.5%
Avis Group Holdings, Inc., Notes
11.00%, 05/01/09	Baa3		500		541,305
Great Lakes Dredge & Dock, Sr. Sub. Notes
7.75%, 12/15/13 144A	B3		450		464,625
Offshore Logistics, Inc., Notes
6.125%, 06/15/13	Ba2		750		738,750

					1,744,680

Theaters & Entertainment — 0.2%
AMC Entertainment, Inc., Sr. Sub. Notes
9.50%, 03/15/09	Caa1		250		260,000
Cinemark USA, Inc., Sr. Sub. Notes
9.00%, 02/01/13	B3		500		565,000

Total Corporate Obligations					825,000

(Cost $188,940,233)					199,539,837

*CONVERTIBLE BONDS — 12.7%*
Beverly Enterprises, Inc.
2.75%, 11/01/10 [CVT]	B2		1,000		1,415,000
Bunge Limited Finance Corp.
3.75%, 11/15/07	Baa3		1,000		1,171,250
Disney (Walt) Co.
2.125%, 04/15/08 [CVT]	Baa1		2,000		2,127,500
Documentum, Inc.
4.50%, 04/01/07	BBB(d)		2,000		2,392,499
Eastman Kodak Co.
3.375%, 10/15/10 [CVT] 144A	Baa3		200		223,000
EDO Corp.
5.25%, 04/15/07	NR		500		560,625
Fairmont Hotels & Resorts, Inc. (Canada)
3.75%, 01/20/09 144A [CVT](l)	NR		1,500		1,580,625
First Data Corp.
2.00%, 03/01/04 [CVT](a)	A1		1,500		1,631,250


	Moody’s Rating (Unaudited)	Par (000)		Value

Fisher Scientific International, Inc.
2.50%, 10/01/10 144A [CVT]	B1	$	2,000	$	2,277,500
FLIR Systems, Inc.
3.00%, 06/01/10 144A	NR		1,500		1,657,500
Ford Motor Credit Corp.
7.25%, 10/25/11(a)	A3		1,500		1,629,288
General Mills, Inc.
Zero Coupon, 10/28/22	Baa2		850		599,250
Kerr-McGee Corp.
5.25%, 02/15/10	Ba1		1,100		1,164,625
L-3 Communications Holdings, Inc.
4.00%, 09/15/11 [CVT]	Ba3		1,500		1,648,125
Lamar Advertising Co.
2.875%, 12/31/10	B2		1,750		1,802,500
Liberty Media Corp.
3.25%, 03/15/31	Baa3		2,250		2,336,265
Lifepoint Hospital Holdings, Inc.
4.50%, 06/01/09	B3		1,500		1,513,125
LSI Logic Corp.
4.00%, 05/15/10 [CVT]	NR		2,000		2,232,500
Manugistics Group, Inc.
5.00%, 11/01/07	NR		850		787,313
Maxtor Corp.
6.80%, 04/30/10(a)	B2		260		372,775
Medtronic, Inc.
1.25%, 09/15/04 [CVT]	A1		1,500		1,543,125
Nestle Holding, Inc. (Switzerland)(l)
3.00%, 05/09/05	NR		1,500		1,725,000
Parker Drilling Co.
5.50%, 08/01/04(a)	Caa1		440		441,650
Placer Dome, Inc.
2.75%, 10/15/13 [CVT] 144A	Baa2		1,500		1,801,875
RF Micro Devices, Inc.
1.50%, 07/01/10	B-(d)		1,000		1,517,500
Sanmina - SCI Corp.
10.375%, 01/15/10	Ba2		1,000		1,175,000
Sinclair Broadcast Group, Inc.
4.875%, 01/15/11 144A	B3		1,000		1,103,750
Teradyne, Inc.
3.75%, 10/15/06	NR		1,000		1,155,000
Tyco International Group SA (Luxembourg)
2.75%, 01/15/08(l)	Ba2		1,250		1,601,563
Universal Health Services, Inc.
0.426%, 06/23/06 [CVT]	Baa3		3,500		2,323,125

228

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Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Wind River Systems, Inc.
3.75%, 12/15/06	CCC+(d)	$	600	$	562,500

Total Convertible Bonds
(Cost $41,460,580)					44,072,603



	Shares

*PREFERRED STOCK — 3.7%*
Broadcasting — 0.4%
Sinclair Broadcast Group, Inc., 6.00%[CVT]	25,000	1,233,750

Business Services — 0.1%
Interpublic Group of Companies, Inc., 5.375%*[CVT]	5,200	298,220

Electronic Components & Equipment — 0.3%
Electronic Data Systems Corp., 7.625%[CVT]	7,000	160,510
Motorola, Inc., 7.00%[CVT]	20,000	868,600

		1,029,110

Entertainment & Leisure — 0.1%
Six Flags, Inc., 7.25%[CVT]	8,000	183,200

Financial Services — 0.1%
Doral Financial Corp., 4.75%[CVT], 144A	1,320	334,468

Insurance — 0.4%
Anthem, Inc., 6.00%[CVT]	14,000	1,235,220

Lumber & Wood Products — 0.3%
Temple-Inland, Inc., 7.50%[CVT]	20,000	1,162,400

Metals & Mining — 0.5%
Phelps Dodge Corp., 6.75%[CVT]	10,500	1,776,600

Oil & Gas — 0.1%
Kerr-McGee Corp., 5.50%[CVT]	10,000	499,000

Pharmaceuticals — 0.4%
Omnicare, Inc., 4.00%[CVT]	20,000	1,275,000

Telecommunications — 0.1%
Alamosa Holdings, Inc., 7.5%, Series B*[CVT]	800	277,000
Sprint Corp. 7.125%[CVT]	20,000	142,000

		419,000

Utilities — 0.9%
Dominion Resources, Inc., 9.50%[CVT]	25,000	1,431,250
FPL Group, Inc., 8.00%[CVT]	35,000	1,977,150

		3,408,400

Total Preferred Stock
(Cost $11,191,949)		12,854,368



	Par (000)		Value
*U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.9%*
Federal Home Loan Mortgage Corp.
3.50%, 09/15/07	$	5,000	$	5,090,741
Federal National Mortgage Assoc.
5.50%, 07/01/33		3,717		3,768,941
7.00%, 11/01/31 - 03/01/32		994		1,052,501

				4,821,442

Total U.S. Government Agency Obligations
(Cost $9,882,669)				9,912,183


	Shares
*COMMON STOCK*
Computer Hardware
McDATA Corp. (Class “A” Stock)*		110		1,048

Computer Services & Software
EMC Corp.*(a)		3,000		38,760

Total Common Stock
(Cost $126,604)				39,808

Total Long Term Investments
(Cost $251,602,035)				266,418,799


	Par (000)
*SHORT-TERM INVESTMENTS — 18.6%*
Commercial Paper — 0.5%
Concord Minutemen Capital Co.
1.10%, 02/10/04(b)	$	1,668		1,663,494
General Electric Capital Corp.
1.11%, 02/05/04(b)		35		35,060

				1,698,554

Corporate Obligations — 1.6%
Merrill Lynch & Co., Inc.
1.13%, 01/02/04(b)		527		527,165
Natexis Banques Populaires
1.035%, 01/02/04 [FRN](b)(c)		5,176		5,175,928

				5,703,093

Non-Registered Investment Company — 4.9%

	Shares
BlackRock Institutional Money Market Trust(b)(j)		17,119,296		17,119,296

229

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Schedule of Investments

December 31,2003



	Par (000)		Value
Registered Investment Companies — 10.9%
BlackRock Provident Institutional Funds
TempCash Portfolio	$	18,665,672	$	18,665,672
BlackRock Provident Institutional Funds
TempFund Portfolio		18,665,672		18,665,672

				37,331,344


Repurchase Agreement — 0.6%
Merrill Lynch & Co., Inc.
1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $2,196,642 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $2,695,035, market value including accrued interest $2,262,456)(b)		2,197		2,196,519

Time Deposits — 0.1%
Chase Manhattan Bank
0.875%, 01/02/04(b)		371		370,578
UBS Bank
0.938%, 01/02/04(b)		4		3,940

				374,518

Total Short-Term Investments
(Cost $64,423,324)				64,423,324

Total Investments — 95.5%
(Cost $316,025,359; Note 5)				330,842,123
Other Assets in Excess of Liabilities — 4.5%				15,570,157

Net Assets — 100.0%			$	346,412,280

The following abbreviations are used in portfolio descriptions:

144A	Security was purchased pursuant to Rule 144A under the securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

CVT	Convertible Security

FRN	Floating Rate Note

Not Rated

REIT	Real Estate Investment Trust


symbol		description
*		Non-income producing security.
(a)		Portion of securities on loan with an aggregate market value of $26,473,438; cash collateral $27,091,980 was received with which the portfolio purchased securities.
(b)		Represents security purchased with cash collateral for securities on loan.
(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.
(d)		Standard & Poor’s rating.
(i)		Represents issuer in default on interest payments, Non-income producing security.
(j)		Security available to institutional investors only.
(l)		US$ Denominated Foreign Bonds.

See Notes to Financial Statements.

230

AST DeAM Bond Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

*LONG-TERM INVESTMENTS — 97.4%*
*U.S. GOVERNMENT AGENCY OBLIGATIONS — 37.7%*
Federal Home Loan Mortgage Corp.
2.875%, 12/15/06		$	1,245	$	1,254,808
3.50%, 03/15/10			1,280		1,302,926
3.75%, 05/15/16			578		583,084
4.29%, 07/25/36			590		603,493
4.50%, 03/15/32			1,265		1,194,726
4.688%, 07/25/22			680		694,464
5.00%, 10/15/22 - 01/15/33			2,675		2,618,312
5.50%, 11/15/16			665		694,175
6.00%, 10/01/33			178		183,632
6.50%, 11/15/29 - 02/15/30			92		92,319
7.00%, 09/25/43			607		652,297
7.50%, 07/25/32			505		553,803

					10,428,039

Federal National Mortgage Assoc.
2.34%, 07/25/44			420		416,870
3.056%, 07/25/37			705		707,170
4.00%, 05/25/16			770		776,041
4.50%, 01/15/33 - 05/25/33			2,357		2,326,607
4.732%, 08/25/33			610		629,500
5.00%, 01/25/18 - 08/01/23			1,054		1,068,657
5.50%, 09/25/17 - 10/01/33			10,996		11,188,850
6.00%, 10/25/16 - 12/01/33			5,630		5,855,223
6.03%, 07/01/08			1,481		1,608,005
6.061%, 05/01/12			1,935		2,124,332
6.375%, 01/01/09			1,859		2,047,200
6.50%, 09/01/16 - 11/01/33			2,571		2,713,600
7.00%, 07/25/42			481		519,702
7.50%, 05/25/42 -06/25/42			1,011		1,104,997

					33,086,754

Government National Mortgage Assoc. 6.00%, 10/15/33			241		250,383

Total U.S. Government Agency Obligations
(Cost $43,232,279)					43,765,176

*CORPORATE OBLIGATIONS — 29.9%*
Aerospace — 0.9%
BAE Systems Asset Trust, Pass-Thru Cert.
7.156%, 12/15/11 144A	Baa1		539		588,403
6.664%, 09/15/13 144A	Aaa		414		458,275

					1,046,678

Broadcasting — 0.3%
Liberty Media Corp., Notes 3.50%, 09/25/06(a)	Baa3		370		372,136


	Moody’s Rating (Unaudited)	Par (000)		Value

Cable Television — 1.0%
Comcast Corp., Gtd. Notes 7.05%, 03/15/33(a)	Baa3	$	875	$	955,542
TCI Communications, Inc., Sr. Notes 6.875%, 02/15/06	Baa3		205		222,688

					1,178,230

Construction — 0.8%
Sociedad Concesionaria Autopista Central, Sr. Notes (Chile)
6.223%, 12/15/26 144A(l)	Baa3		975		980,969

Entertainment & Leisure — 0.5%
Time Warner, Inc., Notes
8.11%, 08/15/06	Baa1		510		577,749

Financial - Bank & Trust — 5.2%
OneAmerica Financial Partners, Bonds
7.00%, 10/15/33 144A	Baa2		495		491,540
PF Export Receivables Master Trust, Pass-Thru Cert., Series B
3.748%, 06/01/13 144A	Aaa		1,390		1,355,702
PLC Trust 2003-1, Sec’d. Notes
2.709%, 03/31/06 144A	AAA(d)		800		800,000
Rabobank Capital Funding II, Bonds
5.26%, 12/29/49 144A	Aa2		1,705		1,711,305
SLM Corp., Notes
5.625%, 08/01/33	A2		805		766,331
Westpac Capital Trust III, Sub. Notes
5.819%, 12/29/49 144A	A2		870		902,315

					6,027,193

Financial Services — 6.2%
American International Group, Inc., Notes
4.25%, 05/15/13 144A	AAA(d)		115		109,286
ASIF Global Financing XIX, Sec’d. Notes
4.90%, 01/17/13 144A	Aaa		1,460		1,453,675
Citigroup, Inc., Notes
3.50%, 02/01/08	Aa1		745		748,496
Sub. Notes
6.00%, 10/31/33	Aa2		695		697,335
Ford Motor Credit Co., Notes
6.875%, 02/01/06	A3		76		81,155
Sr. Notes
5.80%, 01/12/09	A3		810		835,083

231

AST DeAM Bond Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

General Motors Acceptance Corp., Notes
4.375%, 12/10/07	A3	$	380	$	384,250
6.875%, 09/15/11	A3		510		550,160
Household Financial Corp., Notes
6.50%, 01/24/06	A1		1,015		1,098,229
Verizon Global Funding Corp., Notes
7.25%, 12/01/10	A2		900		1,037,969
7.75%, 12/01/30	A2		110		129,698

					7,125,336

Insurance — 2.6%
American General Institute Capital Trust Co., Gtd. Notes
8.125%, 03/15/46 144A	Aa1		600		768,481
Gtd. Notes, Series A
7.57%, 12/01/45 144A	Aa1		320		382,317
Health Care Services Corp., Notes
7.75%, 06/15/11 144A	Baa1		1,110		1,301,197
QBE Insurance Group Ltd., Bonds (Australia)
5.647%, 07/01/23 144A(l)	Baa1		575		549,155

					3,001,150

Metals & Mining — 1.5%
Alcan, Inc., Bonds (Canada)
6.125%, 12/15/33(l)	Baa1		715		721,825
WMC Finance USA, Gtd. Notes (Australia)
5.125%, 05/15/13(l)	Baa2		1,000		987,658

					1,709,483

Oil & Gas — 0.4%
Pemex Project Funding Master Trust, Gtd. Notes
9.125%, 10/13/10	Baa1		390		465,075

Paper & Forest Products — 1.0%
Sappi Papier Holding AG, Gtd. Notes (Austria)
7.50%, 06/15/32 144A(l)	Baa2		620		699,705
Weyerhaeuser Co., Debs.
7.375%, 03/15/32	Baa2		400		436,273

					1,135,978

Telecommunications — 1.9%
France Telecom SA, Notes (France)
9.00%, 03/01/11(l)	Baa3		385		463,173
GTE Hawaiian Telephone, Debs.
7.375%, 09/01/06	Aaa		1,585		1,772,791

					2,235,964


	Moody’s Rating (Unaudited)	Par (000)		Value

Utilities — 7.6%
Appalachian Power Co., Sr. Notes
4.80%, 06/15/05	Baa2	$	1,585	$	1,650,074
Cleveland Electric Co. (Toledo), Notes
7.13%, 07/01/07	Aaa		1,570		1,765,677
Consumers Energy, Notes
4.00%, 05/15/10 144A	Baa3		1,000		968,946
Indiana Michigan Power, Sr. Notes
6.375%, 11/01/12	Baa2		820		888,198
Pacificorp Australia LLC, Bonds (Australia)
6.15%, 01/15/08 144A(l)	Aaa		1,150		1,250,197
SP Powerassets Ltd., Notes (Singapore)
5.00%, 10/22/13 144A(l)	Aa1		460		463,511
Xcel Energy, Inc., Sr. Notes
7.00%, 12/01/10	Baa3		1,540		1,748,710

					8,735,313

Total Corporate Obligations
(Cost $33,889,931)					34,591,254

*ASSET BACKED SECURITIES — 12.5%*
Advanta Mortgage Loan Trust, Series 2000-2 Class A6
7.72%, 03/25/15	Aaa		744		803,495
Americredit Automobile Receivables Trust, Series 2001-C Class A4
5.01%, 07/14/08	Aaa		1,610		1,660,931
CCCA LLC
7.80%, 10/15/08 144A	AAA(d)		1,000		1,094,070
Conseco Finance, Series 2002-C Class AF3
4.58%, 08/15/33	Aaa		1,391		1,409,863
Green Tree Financial Corp., Series 1993-4 Class A5
7.05%, 01/15/19	Aaa		593		622,855
Household Automotive Trust, Series 2002-3 Class A4
3.44%, 05/18/09	Aaa		1,455		1,476,941
MMCA Automobile Trust, Series 2002-2 Class A4
4.30%, 03/15/10	Aa3		1,395		1,411,456
Series 2002-3 Class B
3.86%, 08/17/09	A2		1,401		1,392,065
Vanderbilt Acquisition Loan Trust, Series 2002-1 Class A2
4.77%, 10/07/18	Aaa		1,620		1,660,245

232

AST DeAM Bond Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

WFS Financial Owner Trust, Series 2002-2 Class A4
4.50%, 02/20/10	Aaa	$	1,640	$	1,698,466
Series 2003-3
3.25%, 05/20/11	Aaa		1,230		1,236,248

Total Asset Backed Securities
(Cost $14,266,535)					14,466,635

*U.S. TREASURY OBLIGATIONS — 10.4%*
U.S. Treasury Notes
1.625%, 04/30/05			4,448		4,462,772
6.125%, 08/15/07(a)			1,820		2,037,477
5.00%, 08/15/11(a)			1,265		1,354,143
6.00%, 02/15/26			3,793		4,207,416

(Cost $12,015,540)					12,061,808

*MUNICIPAL BONDS — 3.8%*
Illinois — 0.5%
Illinois State
4.95%, 06/01/23	Aa3		570		538,057

New Jersey — 1.7%
City of Trenton
4.80%, 04/01/14	Aaa		990		983,605
Jersey City, New Jersey Utilities Authority
4.81%, 05/15/14	Aaa		1,000		987,109

					1,970,714

New Mexico — 0.4%
Jicarilla New Mexico Apache Nation
3.85%, 12/01/08	NR		435		434,026

Oregon — 0.8%
Portland, Oregon River District 3.35%, 06/15/10	Aaa		1,020		968,174

Wisconsin — 0.4%
Wisconsin State General Revenue 5.70%, 05/01/26	Aaa		510		518,441

Total Municipal Bonds
(Cost $4,519,136)					4,429,412

*COLLATERALIZED MORTGAGE OBLIGATIONS — 2.9%*
GSMPS Mortgage Loan Trust, Series 1998-5 Class A 7.50%, 06/19/27 144A	NR		536		576,111
Master Asset Securitization Trust, Series 2003-6 Class 8A1 5.50%, 07/25/33	AAA(d)		1,076		1,100,366
NYC Mortgage Loan Trust, Series 1996 Class A3 6.75%, 09/25/19 144A	Aaa		270		298,476


	Moody’s Rating (Unaudited)	Par (000)		Value

Residential Asset Securitization Trust, Series 2000-A3 Class A4 7.879%, 05/25/30	AAA(d)	$	51	$	51,355
Wells Fargo Mortgage Backed Securities, Series 2003-6 Class 1A1 5.00%, 06/25/18	Aaa		1,344		1,373,536

Total Collateralized Mortgage Obligations
(Cost $3,409,688)					3,399,844

*SOVEREIGN ISSUES — 0.2%*
United Mexican States 7.50%, 04/08/33	Baa2		174		180,525

(Cost $178,359)

Total Long-Term Investments
(Cost $111,511,468)					112,894,654

*SHORT-TERM INVESTMENTS — 6.7%*
Corporate Obligations — 1.0%
Merrill Lynch & Co., Inc. 1.13%, 01/02/04(b)			179		179,073
Natexis Banques Populaires 1.035%, 01/02/04 [FRN](b)(c)			928		927,960

					1,107,033



	Shares

Non-Registered Investment Company — 5.0%
BlackRock Institutional Money Market Trust(b)(j)	5,815,276	5,815,275


	Par (000)

Repurchase Agreement — 0.6%
Merrill Lynch & Co., Inc. 1.00%, dated 12/31/03, to be repurchased on 01/02/04, repurchase price $746,180 (Collateralized by Federal Home Loan Mortgage Corp. 5.50% maturing 12/01/33, Federal National Mortgage Assoc. 4.00% - 6.00% maturing 11/01/17 to 11/01/33 and Government National Mortgage Assoc. 1.47% maturing 01/16/04 [FRN](c), par value $915,480, market value including accrued interest $ 768,537)(b)	$	746		746,139

Time Deposit — 0.1%
Chase Manhattan Bank 0.875%, 01/02/04(b)		61		60,790

Total Short-Term Investments
(Cost $7,729,237)				7,729,237

Total Investments — 104.1%
(Cost $119,240,705; Note 5)				120,623,891
Liabilities in Excess of Other Assets — (4.1%)				(4,742,175	)

Net Assets — 100.0%			$	115,881,716

233

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Schedule of Investments

December 31, 2003

234

The following abbreviations are used in portfolio descriptions:

144A	Security was purchased pursuant to Rule 144A under the securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted 144A securities are deemed to be liquid.

FRN	Floating Rate Note

Not Rated


symbol		description
(a)		Portion of securities on loan with an aggregate market value of $7,585,975; cash collateral $7,729,338 was received with which the portfolio purchased securities.
(b)		Represents security purchased with cash collateral for securities on loan.
(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.
(d)		Standard & Poor’s rating.
(j)		Security not available to non-institutional buyers.
(l)		US$ Denominated Foreign Bonds

See Notes to Financial Statements.

AST PIMCO Total Return Bond Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value

*LONG-TERM INVESTMENTS — 57.4%*
*U.S. GOVERNMENT AGENCY OBLIGATIONS — 24.4%*
Federal Home Loan Mortgage Corp. 4.30%, 02/01/24 [VR](c)	$	85	$	85,353
5.00%, 09/15/16 - 11/01/18		11,647		11,899,874
5.50%, 03/15/15		487		495,094
6.00%, 02/01/16 -04/01/33		13,829		14,375,988
6.50%, 05/15/28 -08/01/32		28,501		30,104,092
8.25%, 08/01/17		47		51,138

				57,011,539

Federal National Mortgage Assoc. 3.643%, 01/01/24 [VR](c)		19		19,666
3.747%, 08/01/29 [ARM](c)		391		393,956
4.042%, 05/01/36 [VR](c)		22,756		23,139,817
4.336%, 11/01/35 [ARM](c)		6,934		7,052,149
4.533%, 01/01/28 [VR](c)		300		303,600
5.00%, 10/01/08 - 04/25/33		97,361		99,404,838
5.50%, 08/01/16 - 03/01/18		78,286		81,238,297
6.00%, 08/01/13 - 01/14/34		181,209		188,821,207
6.25%, 05/25/08 [IO](cost $2,490; purchased 05/16/94)(g)		68		1,314
6.50%, 12/25/42		4,021		4,273,689
6.90%, 05/25/23		311		327,240

				404,975,773

Government National Mortgage Assoc. 3.25%, 04/20/30 - 05/20/30 [VR](c)		664		662,318
3.50%, 07/20/30 - 02/20/32 [VR](c)		20,628		20,701,976
4.375%, 03/20/17 - 02/20/27 [VR](c)		6,522		6,649,344
4.75%, 08/20/23 - 09/20/24 [VR](c)		1,759		1,788,902
5.00%, 10/20/29 - 11/20/29 [VR](c)		7,495		7,650,980
5.625%, 10/20/23 - 12/20/26 [VR](c)		3,023		3,070,476
6.00%, 04/01/16		236		247,939

6.50%, 09/20/28		10,541		10,960,610
7.00%, 02/15/24		64		69,044

				51,801,589

(Cost $505,800,112)				513,788,901


		Par (000)		Value
*U.S. TREASURY OBLIGATIONS — 9.2%*
U.S. Treasury Inflationary Bonds [TIPS]
3.375%, 01/15/07(c)(k)		$	6,900	$	8,730,433
3.375%, 01/15/12(c)(k)			7,800		9,096,063
3.875%, 01/15/09(c)			50,500		64,345,513
3.875%, 04/15/29(c)			42,150		61,470,879
4.25%, 01/15/10(c)			3,300		4,219,721
3.00%, 07/15/12(c)			38,100		42,748,404

					190,611,013

U.S. Treasury Inflationary Notes [TIPS] 1.875%, 07/15/13(c)			2,600		2,600,900

(Cost $184,591,369)					193,211,913

	Moody’s Rating (Unaudited)
*CORPORATE OBLIGATIONS — 8.1%*
Airlines — 0.5%
American Airlines, Inc., Pass-Thru Cert., Series 94A5
10.19%, 05/26/16 144A(cost $250,000; purchased 05/14/94)(g)	B3		250		190,836
Continental Airlines, Inc., Pass-Thru Cert., Series 99-2
7.256%, 03/15/20	Baa3		1,203		1,223,408
Pass-Thru Cert., Series 991C
6.954%, 08/02/09	B2		6,180		5,376,620
United Air Lines, Inc., Equipment Trust, Series 91C
10.36%, 11/13/12 144A(cost $8,052,232; purchased 01/03/96)(g)(i)	Ca		6,925		3,116,250
Series 91E
10.36%, 11/27/12 144A(cost $582,741; purchased 01/03/96)(g)(i)	Ca		500		225,000
United Air Lines, Inc., Pass-Thru Cert., Series 91A2
10.02%, 03/22/14 144A (cost $1,000,630; purchased 03/01/95)(g)(i)	Ca		1,000		302,105

					10,434,219

Automobile Manufacturers — 0.1%
General Motors Corp., Bonds
8.375%, 07/05/33	Baa1		1,100		1,627,277

235

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Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Business Services — 0.1%
Trinom Ltd., Sec’d. Notes
5.17%, 06/18/04 144A [FRN](cost $1,400,000; purchased 06/08/01)(c)(g)	Ba1	$	1,400	$	1,409,114

Conglomerates — 0.1%
Altria Group, Inc., Debs.
7.75%, 01/15/27	Baa2		1,700		1,839,347

Financial Services — 3.0%
CIT Group, Inc., Sr. Notes
7.125%, 10/15/04	A2		7,000		7,302,890
Gemstone Investor Ltd., Gtd. Notes
7.71%, 10/31/04 144A	Caa1		3,600		3,654,000
General Motors Acceptance Corp., Notes
2.02%, 03/22/04 [FRN](c)	A3		17,000		17,023,613
1.969%, 05/04/04 [FRN](c)	A3		8,100		8,114,353
6.85%, 06/17/04	A3		2,000		2,047,342
1.52%, 07/21/04 [FRN](c)	A3		5,150		5,151,545
LG&E Capital Corp., Notes
6.205%, 05/03/04 144A(cost $5,000,000; purchased 05/04/99)(g)	A3		5,000		5,061,095
Pemex Project Funding Master Trust, Gtd. Notes
8.00%, 11/15/11	Baa1		2,700		3,030,750
8.625%, 02/01/22	Baa1		2,300		2,558,750
Phoenix Quake Ltd., Notes
3.60%, 07/03/08 144A [FRN](cost $1,200,000; purchased 06/18/03)(c)(g)	Baa3		1,200		1,215,276
3.60%, 07/03/08 144A [FRN](cost $1,200,000; purchased 06/18/03)(c)(g)	Baa3		1,200		1,212,768
4.65%, 07/03/08 144A [FRN](c)	Ba1		550		544,777
Qwest Capital Funding Corp., Gtd. Notes
7.25%, 02/15/11	Caa2		153		151,470
Sr. Wind Ltd., Notes, Series A1
6.42%, 05/18/05 144A [FRN](cost $4,000,000; purchased 04/30/01)(c)(g)	BB+(d)		4,000		4,013,760


	Moody’s Rating (Unaudited)		Par (000)		Value

Notes, Series A2
6.92%, 05/18/05 144A [FRN](cost $2,000,000; purchased 04/30/01)(c)(g)	BB+(d)		$	2,000	$	2,059,360
UFJ Finance Aruba AEC, Gtd. Notes
6.75%, 07/15/13	Baa1			2,900		3,098,311

						66,240,060

Oil & Gas — 1.7%
El Paso Corp., Sr. Notes 7.75%, 01/15/32	Caa1			21,700		18,607,750
Kerr McGee Corp., Notes 1.92%, 06/28/04 144A [FRN](c)	BBB	(d)		1,300		1,297,942
Williams Companies, Inc., Notes, Series A 6.75%, 01/15/17	B3			15,000		15,600,000

						35,505,692

Telecommunications — 2.4%
AT&T Corp., Sr. Notes 8.50%, 11/15/31	Baa2			5,000		5,862,995
France Telecom SA, Notes (France) 10.00%, 03/01/31(l)	Baa3			6,900		9,199,356
Notes, (France) 8.70%, 03/01/06(l)	Baa3			5,000		5,588,310
Qwest Corp., Debs. 7.25%, 09/15/25	Caa2			900		904,500
7.20%, 11/10/26	Ba3			13,250		13,117,500
8.875%, 06/01/31	Ba3			500		527,500
Notes 8.875%, 03/15/12 144A	Ba3			600		690,000
Sprint Capital Corp., Gtd. Notes 6.00%, 01/15/07	Baa3			7,700		8,230,792
6.375%, 05/01/09	Baa3			5,000		5,350,910
Notes 8.375%, 03/15/12	Baa3			300		351,047

						49,822,910

Utilities — 0.2%
AEP Texas Central Co., Notes 2.43%, 02/15/05 [FRN](c)	Baa2			1,600		1,602,112
National Rural Utilities Co., Notes 2.161%, 04/26/04 [FRN](c)	A2			2,000		2,006,118

236

AST PIMCO Total Return Bond Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Pacific Gas & Electric Co., Sr. Notes 8.333%, 10/31/49 144A [FRB](cost $1,100,000; purchased 10/26/00)(c)(g)	Ba2	$	1,100	$	1,106,875

					4,715,105

Total Corporate Obligations
(Cost $172,702,105)					171,593,724

COLLATERALIZED MORTGAGE OBLIGATIONS — 5.4%
Bear Stearns Trust,
Series 2002-8 Class 3A
6.082%, 08/25/32 [ARM, VR](c)	Aaa		284		286,202
Series 2002-9 Class 2A
5.301%, 10/25/32 [ARM, VR](c)	Aaa		878		892,342
Series 2002-11 Class A-1
5.652%, 02/25/33 [ARM](c)	Aaa		1,659		1,671,626
Series 2002-11 Class A-2
5.382%, 01/25/33 [ARM](c)	Aaa		6,301		6,395,404
CMC Securities Corp. III, Series 1998-1 Class A19
6.75%, 05/25/28 [ARM](c)	Aaa		1,486		1,485,059
G-Wing Ltd., Series 2001-WH1A Class B
3.82%, 11/06/11 144A [FRN](cost $5,415,338; purchased 05/10/01)(c)(g)	BBB(d)		5,415		5,363,134
GEM Trust, Series 1999-1 Class 1A3
6.625%, 04/25/29	AAA(d)		3,307		3,305,469
GS Mortgage Securities Corp. II, Series 2001-1285 Class A2
6.526%, 08/15/18 144A	Aaa		2,000		2,168,897
Indymac Trust, Series 2001-H2 Class A2
6.576%, 01/25/32 [ARM](c)	Aaa		618		639,259
Merrill Lynch Mortgage Investors, Inc., Series 1998-C3 Class A1
5.65%, 12/15/30	Aaa		1,815		1,864,068
Nationslink Funding Corp., Series 1999-SL Class A4
6.654%, 11/10/30	Aaa		500		530,109


	Moody’s Rating (Unaudited)	Par (000)		Value

PHH Mortgage Services Corp., Series 1997-6 Class A4
7.157%, 11/18/27 144A [FRN](c)	NR	$	2,017	$	2,094,809
Residential Asset Securitization Trust, Series 2001-A1 Class A5
5.587%, 07/25/31	Aaa		20,808		21,096,465
Residential Funding Mortgage Securities I, Series 1998-S30 Class A6
6.50%, 12/25/28	AAA(d)		11,813		11,807,687
Series 1999-16 Class A4
6.75%, 07/25/29	AAA(d)		4,798		4,807,090
Series 2002-SA2 Class A1
5.599%, 09/25/32 [VR](c)	Aaa		1,511		1,550,282
Rothschild, (L.F.) Mortgage Trust, Series 2 Class 2
9.95%, 08/01/17	AAA(d)		280		307,827
Salomon Brothers Mortgage Securities, Series 1999-3 Class A
1.521%, 05/25/29 [FRB](c)	AAA(d)		87		87,202
Small Business Administration, Series 2003-PRO Class B
4.875%, 09/10/13	NR		13,600		13,597,041
Series 2000-P10B Class 1
7.449%, 08/01/10	NR		2,489		2,707,809
Series 2001-P10B Class A 6.344%, 08/01/11	NR		14,502		15,247,868
Series 2003-20I Class 1 5.13%, 09/01/23	NR		1,700		1,722,609
Structured Asset Mortgage Investments, Inc., Series 1992-2 Class 1A3 6.30%, 05/25/29	AAA (d)		7,419		7,428,102
Structured Asset Securities Corp., Series 2001-15A Class 2A1 6.50%, 10/25/31 [VR](c)	Aaa		852		885,337
Series 2002-1A Class 4A 6.127%, 02/25/32 [VR](c)	Aaa		672		693,050
Washington Mutual, Series 2002-AR11 Class A1 5.162%, 10/25/32 [VR](c)	Aaa		4,818		4,935,717

(Cost $111,544,907)					113,570,464

*MUNICIPAL BONDS — 4.2%*
California — 0.7%
California State Revenue Anticipation Warrants Cl-A 2.00%, 06/16/04	MIG1		6,100		6,112,383

237

AST PIMCO Total Return Bond Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Golden State Tobacco Securitization Corp. Series 2003-A-1 6.25%, 06/01/33	Baa2	$	5,300	$	5,093,300
Ventura County California Community College District Series A 5.00%, 08/01/27	Aaa		3,355		3,457,831

					14,663,514

Illinois — 0.1%
Chicago Illinois Refunding-Emergency Telephone System 5.25%, 01/01/13	Aaa		2,000		2,264,560

Michigan
Michigan Higher Education Student Loan Authority Revenue Bond Series XII-R-1 1.10%, 03/01/29	Aaa		600		600,000

Minnesota
Northstar Gurantee Income Dividend, Minnesota Student Loan Revenue Bonds Series A-3 1.21%, 04/01/42	Aaa		500		500,000

Nevada — 0.6%
Las Vegas Water Authority (MBIA Insured) Series B 5.00%, 06/01/25	Aaa		3,840		3,951,014
5.00%, 06/01/26	Aaa		7,000		7,171,500
5.00%, 06/01/27	Aaa		2,200		2,252,294

					13,374,808

New York — 1.3%
New York City Municipal Financial Authority Water & Sewer System Series E 5.00%, 06/15/34	Aa2		12,800		13,070,080
New York City Transitional Financial Authority Series E 5.00%, 02/01/28	Aa2		1,200		1,228,080
5.00%, 02/01/33	Aa2		11,700		11,939,031

					26,237,191


	Moody’s Rating (Unaudited)	Par (000)		Value

Texas — 0.4%
Brazos Texas Higher Education Authority Student Loan Revenue Bond Series A-13 1.23%, 12/01/39	Aaa	$	1,800	$	1,800,000
Lower Colorado River Authority Texas 5.00%, 05/15/31	Aaa		5,000		5,098,950
University of Texas Revenue Bond Series B 5.00%, 08/15/33	Aaa		1,600		1,634,208

					8,533,158

Washington — 0.3%
Energy Northwest Washington Electric Series A 5.50%, 07/01/13	Aa1		3,300		3,757,413
5.50%, 07/01/14	Aa1		2,600		2,962,440

					6,719,853

Wisconsin — 0.8%
Badger Tobacco Asset Securitization Corp. 6.00%, 06/01/17	Baa2		10,100		9,651,964
Wisconsin State General Revenue Bond 1.20%, 05/01/32	Aaa		6,600		6,600,000

					16,251,964

Total Municipal Bonds
(Cost $88,886,098)					89,145,048

*SOVEREIGN ISSUES — 4.0%*
Brazil — 1.6%
Republic of Brazil 2.00%, 04/15/06 [BRB, FRN](c)	B2		2,972		2,942,821
11.50%, 03/12/08	B2		7,000		8,155,000
2.063%, 04/15/09	B2		129		123,062
2.063%, 04/15/09 [BRB, FRN](c)	B2		887		843,003
11.00%, 01/11/12	B2		7,080		8,248,199
8.00%, 04/15/14 [BRB](c)	B2		7,216		7,120,609
11.00%, 08/17/40	B2		6,000		6,630,000

					34,062,694

Mexico — 1.0%
United Mexican States 9.875%, 02/01/10	Baa2		600		759,000
8.375%, 01/14/11	Baa2		2,800		3,332,000
6.375%, 01/16/13	Baa2		2,490		2,589,600
11.375%, 09/15/16	Baa2		200		284,000
8.00%, 09/24/22	Baa2		6,700		7,346,550
8.30%, 08/15/31	Baa2		5,900		6,667,000

					20,978,150

238

AST PIMCO Total Return Bond Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Panama — 0.4%
Republic of Panama 1.938%, 07/17/16 [VR](c)	Ba1	$	4,124	$	3,605,907
9.375%, 01/16/23	Ba1		4,400		4,818,000
8.875%, 09/30/27	Ba1		400		422,000

					8,845,907

Peru — 0.9%
Republic of Peru 9.125%, 01/15/08	Ba3		3,000		3,540,000
9.125%, 02/21/12	Ba3		7,875		8,820,000
9.875%, 02/06/15	Ba3		2,500		2,912,500
4.50%, 03/07/17	Ba3		4,000		3,560,000

					18,832,500

South Africa — 0.1%
Republic of South Africa 9.125%, 05/19/09	Baa2		800		966,000
7.375%, 04/25/12	Baa2		200		225,500

					1,191,500

Total Sovereign Issues
(Cost $73,566,236)					83,910,751

*ASSET BACKED SECURITIES — 2.1%*
Bayview Financial Acquisition Trust, Series 2001-AA Class A 1.541%, 04/25/31 144A [FRB](c)	Aaa		1,230		1,231,615
Series 2001-BA Class A 1.421%, 07/25/31 144A [FRB](c)	Aaa		7,208		7,195,490
Bear Stearns Asset Backed Securities, Inc., Series 2001-A Class AII 1.482%, 02/15/31 [FRB](c)	Aaa		1,281		1,283,310
CDC Mortgage Capital Trust, Series 2002-HE2 Class A 1.431%, 01/25/33 [FRB](c)	Aaa		9,794		9,791,096
Conseco Finance Home Loan Trust, Series 1999-G Class M1 8.88%, 06/15/24	Aa2		5,553		5,615,734
Contimortgage Home Equity Loan Trust, Series 1997-5 Class A8 1.462%, 03/15/24 [FRB](c)	Aaa		562		562,143


	Moody’s Rating (Unaudited)	Par (000)		Value

EMC Mortgage Loan Trust, Series 2001-A Class A 1.511%, 05/25/40 144A [FRB](cost $17,627,957; purchased 06/28/01)(c)(g)	Aaa	$	17,628	$	17,633,169

(Cost $43,252,279)					43,312,557


		Units
RIGHTS*
United Mexican States Value Recovery (Mexico) Series B			49,719		497,190
Series C			49,719		99,438
Series D			33,910		67,820
Series E			33,910		42,388

Total Rights (Cost $658,994)					706,836


Total Long-Term Investments
(cost $1,181,002,100)			1,209,240,194


	Par (000)
*SHORT-TERM INVESTMENTS — 43.4%*
Commercial Paper — 13.1%
Danske Corp. 1.07%, 01/14/04	$	16,600	16,589,996
1.09%, 03/03/04		7,900	7,878,233
1.07%, 03/22/04		22,800	22,744,431
General Electric Capital Corp. 1.09%, 02/24/04		4,400	4,388,585
1.10%, 03/15/04		1,200	1,196,187
HBOS Treasury Services 1.105%, 01/23/04		900	898,820
1.10%, 04/16/04		23,400	23,323,495
1.105%, 04/22/04		8,400	8,370,865
Lloyds TSB Bank 1.06%, 01/22/04		4,200	4,196,185
RABO Bank 1.07%, 01/20/04		47,900	47,858,571
Royal Bank of Scotland 1.07%, 01/27/04		56,100	56,023,578

239

AST PIMCO Total Return Bond Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value

UBS Finance LLC, Inc. 1.075%, 02/12/04	$	7,400	$	7,381,880
1.075%, 02/25/04		1,200		1,195,796
1.09%, 03/02/04 144A		44,000		43,849,459
1.095%, 04/01/04		30,000		29,890,500
Westpac Trust 1.10%, 04/08/04		1,400		1,395,765

				277,182,346

	Shares
Registered Investment Companies — 1.1%
BlackRock Provident Institutional Funds TempCash Portfolio		11,867,405		11,867,405
BlackRock Provident Institutional Funds TempFund Portfolio		11,867,404		11,867,404

				23,734,809


	Par (000)
U.S. Government Agency Obligations — 21.1%
Federal Home Loan Mortgage Corp.
1.08%, 01/29/04	$	18,600		18,585,913
1.07%, 02/02/04		50,000		49,955,643
1.07%, 02/11/04		3,000		2,996,634
1.08%, 02/12/04		48,400		48,307,170
1.09%, 03/01/04		40,000		39,926,122
Federal National Mortgage Assoc.
1.075%, 01/28/04		60,000		59,956,239
1.00%, 02/04/04		14,900		14,885,928
1.075%, 02/18/04		20,000		19,973,891
1.075%, 03/03/04		32,500		32,438,859
1.055%, 03/10/04		60,100		59,976,712
1.06%, 03/10/04		31,300		31,235,487
1.065%, 03/10/04		11,100		11,077,014
1.04%, 03/12/04		800		798,336
1.045%, 03/17/04		2,600		2,594,189
1.05%, 03/24/04		2,300		2,294,919
1.09%, 03/24/04		9,000		8,980,119
1.03%, 03/31/04		31,600		31,517,726
1.075%, 04/01/04		7,800		7,778,572

				443,279,473


	Par (000)		Value
U.S. Treasury Obligations — 8.1%
U.S. Treasury Bills
0.885%, 03/18/04(k)(n)	$	12,505	$	12,483,004
0.985%, 04/15/04(n)		71,800		71,617,485
0.995%, 04/15/04(n)		22,700		22,642,297
1.02%, 04/29/04(n)		64,600		64,411,948

				171,154,734


	Number of Contracts
OUTSTANDING PUT OPTIONS PURCHASED*
Eurodollar Futures, Strike Price 96.50, Expires 03/15/04		8,000		5,000
Eurodollar Futures, Strike Price 97.00, Expires 03/15/04		2,500		3,125

(Cost $12,063)				8,125

Total Put Options
Total Short-Term Investments
(Cost $915,496,515)				915,359,487

Total Investments, Before Outstanding Short Sales and Options Written — 101.2%
(Cost $2,096,498,615; Note 5)				2,124,599,681

	Par (000)
*SHORT SALE — (0.5)%*
Federal National Mortgage Assoc.
6.00%, 01/20/19
(Proceeds received $11,537,187)	$	11,000		(11,536,250	)

*OUTSTANDING OPTIONS WRITTEN— (0.4)%*		Number of Contracts/ Swap Notional Amount $(000)
Call Options — (0.3)%
Eurodollar Futures, Strike Price 98.50, Expires 03/15/04		38		(27,312	)
Swap 3-Month LIBOR & Fixed, Strike Price 3.25, Expires 03/03/04		40,500		(77,274	)

240

AST PIMCO Total Return Bond Portfolio

Schedule of Investments

December 31, 2003


	Number of Contracts/Swap Notional Amount $(000)	Value
Swap 3-Month LIBOR & Fixed, Strike Price 4.00, Expires 03/03/04	24,700	$	(25,418	)
Swap 3-Month LIBOR & Fixed, Strike Price 5.20, Expires 11/02/04	31,400		(1,520,796	)
Swap 3-Month LIBOR & Fixed, Strike Price 5.50, Expires 01/07/05	24,500		(1,430,800	)
Swap 3-Month LIBOR & Fixed, Strike Price 6.00, Expires 06/09/05	38,300		(2,830,255	)
Swap 3-Month LIBOR & Fixed, Strike Price 6.00, Expires 10/19/04	9,400		(810,167	)
U.S. Treasury Note Futures, Strike Price 113, Expire 02/21/04	262		(307,031	)

			(7,029,053	)

Put Options — (0.1)%
3-Month Euro-Euribor Interest Futures Strike Price 97.00, Expires 12/13/04	86		(52,882	)
3-Month Euro-Euribor Interest Futures Strike Price 97.50, Expires 03/15/04	130		(2,050	)
Eurodollar Futures, Strike Price 97.25, Expires 03/15/04	19		(120	)


	Number of Contracts/Swap Notional Amount $(000)	Value
Eurodollar Futures, Strike Price 97.75, Expires 03/15/04	121	$	(1,512	)
Eurodollar Futures, Strike Price 98.00, Expires 06/14/04	545		(54,500	)
Swap 3-Month LIBOR & Fixed, Strike Price 6.00, Expires 10/19/04	9,400		(76,619	)
Swap 3-Month LIBOR & Fixed, Strike Price 6.70, Expires 06/09/05	22,330		(267,845	)
Swap 3-Month LIBOR & Fixed, Strike Price 6.70, Expires 11/02/04	31,400		(131,817	)
Swap 3-Month LIBOR & Fixed, Strike Price 7.00, Expires 01/07/05	24,500		(115,689	)
U.S. Treasury Note Futures, Strike Price 108, Expire 02/21/04	161		(50,312	)

			(753,346	)

Total Written Options
(Premium received $8,096,548)			(7,782,399	)

Total Investments, Net of Outstanding Short Sale and Options Written—99.9%
(Cost $2,076,864,880)			2,105,281,032

Other Assets in Excess of Liabilities — (0.1%)			2,631,106

Net Assets — 100.0%		$	2,107,912,138

Interest rate swap agreements outstanding at December 31, 2003:


Description	Expiration Month		Notional Amount (000)		Unrealized Appreciation (Depreciation)

Receive fixed rate payments of 4.00% and pay variable rate payments on the three month LIBOR-BBA floating rate.(1)	06/09		$	111,600	$	449,971
Receive fixed rate payments of 4.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost $255,444 purchased on 12/16/03)(g)(1)	03/07	EUR		48,100		22,187
Receive fixed rate payments of 4.00% and pay variable rate payments on the six month LIBOR-BBA floating rate.(2)	12/07	EUR		50,200		(117,378	)
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost ($4,768) purchased on 03/15/02)(g)(2)	03/17	EUR		2,000		35,646
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost ($22,063) purchased 02/12/02)(g)(1)	03/17	EUR		15,000		253,647
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost $62,540 purchased 05/15/02)(g)(3)	03/32	EUR		5,300		35,478
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost $41,291 purchased 03/15/02)(g)(2)	03/32	EUR		6,600		80,769
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%. (cost $17,837 purchased 03/15/02)(g)(2)	03/17	GBP		1,200		(16,196	)

241

AST PIMCO Total Return Bond Portfolio

Schedule of Investments

December 31, 2003


Description	Expiration Month		Notional Amount (000)	Unrealized Appreciation (Depreciation)

Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%. (cost $38,858 purchased 03/14/02)(g)(3)	03/17	GBP	2,500	$	(35,438	)
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%. (cost $68,356 purchased 02/12/02)(g)(1)	03/17	GBP	6,800		(59,055	)
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%.(2)	03/32	GBP	3,600		12,754
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%.(3)	03/32	GBP	3,100		(17,125	)

				$	645,260

Broker/Counterparty

(1) Goldman Sachs

(2) J.P. Morgan Chase & Co.

(3) UBS - Warburg

(4) Morgan Stanley

Credit default swap agreements outstanding at December 31, 2003:


Description	Expiration Month	Notional Amount (000)		Unrealized Appreciation

Receive a fixed rate equal to 0.50% and the Portfolio will pay to the counterparty at par in the event of default of Republic of Brazil 14.50% due 10/15/09 (cost $0 purchased 12/08/03)(g)(3)	03/04	$	1,200	$	451
Receive a fixed rate equal to 1.80% and the Portfolio will pay to the counterparty at par in the event of default of Republic of Panama 9.375% due 04/01/29. (cost $0 purchased 05/30/03)(g)(4)	06/05		500		6,694
Receive a fixed rate equal to 1.75% and the Portfolio will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/12. (cost $0 purchased 05/30/03)(g)(4)	06/04		1,300		8,637

				$	15,782

Foreign currency exchange contracts outstanding at December 31, 2003:


Settlement Month	Purchase Contracts	Contracts to Receive	In Exchange For		Contracts at Value		Unrealized Appreciation

01/04	Buy GBP	1,070,000	$	1,848,120	$	1,907,525	$	59,405
01/04	Buy JPY	523,234,000		4,855,054		4,880,103		25,049

			$	6,703,174	$	6,787,628	$	84,454


Settlement Month	Sale Contracts	Contracts to Deliver	In Exchange For		Contracts at Value		Unrealized Depreciation

01/04	Sell EUR	4,140,000	$	4,988,994	$	5,221,999	$	(233,005	)

242

AST PIMCO Total Return Bond Portfolio

Schedule of Investments

December 31, 2003

The following abbreviations are used in portfolio descriptions:

144A	Security was purchased pursuant to Rule 144A under the securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted 144A securities are deemed to be liquid.

ARM	Adjustable Rate Mortgage Security

BRB	Brady Bond

EUR	Euro Dollar

FRB	Floating Rate Bond

FRN	Floating Rate Note

GBP	British Pound

IO	Interest Only

JPY	Japanese Yen

Not Rated

TIPS	Treasury Inflation Protection Securities

VR	Variable Rate Bond


symbol		description
*		Non-income producing security.
(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.
(d)		Standard & Poor’s rating.
(g)		Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $49,288,884. The aggregate value, $43,700,370 represents 2.07% of net assets.
(i)		Represents issuer in default on interest payments, Non-income producing security.
(k)		Securities with an aggregate market value of $15,102,134 have been segregated with the custodian to cover margin requirements for the following open futures contracts at December 31, 2003:


Description	Expiration Month		Notional Amount (000)		Contracts at Trade Date Value		Contracts at Current Value		Unrealized Appreciation (Depreciation)

Long Positions:
U.S. Treasury 5 Year Notes	03/04		$	154,100	$	169,818,641	$	172,014,125	$	2,195,484
U.S. Treasury 10 Year Notes	03/04			112,300		358,476,711		364,077,422		5,600,711
3 Month Euro-Bobl	03/04	EUR		46,600		64,912,748		64,968,441		55,693
Euro Dollar	06/04	EUR		3,750		3,672,000		3,696,375		24,375
Euro Dollar	09/04	EUR		83,250		81,237,819		81,788,963		551,144
Euro Dollar	12/04	EUR		76,000		74,169,819		74,358,400		188,581
Euro Dollar	03/05	EUR		53,000		51,515,796		51,637,900		122,104
Euro Dollar	06/05	EUR		47,500		45,996,406		46,079,750		83,344
Euro Dollar	09/05	EUR		20,750		20,048,650		20,053,838		5,188
Euro Dollar	12/05	EUR		25,750		24,799,825		24,807,550		7,725
Euro Dollar	03/08	EUR		15,250		14,460,050		14,435,650		(24,400	)
Euro Dollar	06/08	EUR		15,250		14,443,275		14,418,875		(24,400	)
Euro Dollar	09/08	EUR		15,250		14,426,881		14,402,863		(24,018	)
Euro Dollar	12/08	EUR		15,250		14,410,106		14,388,375		(21,731	)
Euro Euribor Interest Rate	12/04	EUR		107,000		130,843,338		131,320,636		477,298
Euro Euribor Interest Rate	03/05	EUR		62,500		76,303,563		76,512,834		209,271
Euro Euribor Interest Rate	06/05	EUR		15,000		18,299,577		18,315,780		16,203
Euro Euribor Interest Rate	09/05	EUR		15,000		18,261,325		18,274,155		12,830
Euro Euribor Interest Rate	12/05	EUR		15,000		18,225,947		18,238,206		12,259

										9,467,661

Short Position:
U.S. Treasury Bonds	03/04			57,600		62,196,539		62,964,000		(767,461	)

									$	8,700,200


(l)		US$ Denominated Foreign Bonds.
(m)		Rates shown are the effective yields at purchase date.


		See Notes to Financial Statements.

243

AST PIMCO Limited Maturity Bond Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

*LONG-TERM INVESTMENTS — 40.0%*
*CORPORATE OBLIGATIONS — 16.1%*
Airlines — 0.3%
United Air Lines, Inc., Pass-Thru Cert., Series 01-1
6.831%, 09/01/08	Ca	$	1,800	$	310,404
6.932%, 09/01/11	B3		1,100		387,197
Pass-Thru Cert., Series 97A 1.392%, 03/02/04 [FRN](c)	NR		3,413		2,785,828

					3,483,429

Business Services — 0.2%
Trinom Ltd., Sec’d Notes
5.17%, 06/18/04 144A [FRN] (cost $2,000,000; purchased 06/08/01)(c)(g)	Ba1		2,000		2,013,020

Entertainment & Leisure — 0.9%
Disney (Walt) Co., Notes
4.50%, 09/15/04	Baa1		5,500		5,620,290
Time Warner, Inc., Notes
7.75%, 06/15/05	Baa1		3,600		3,886,157

					9,506,447

Financial — Bank & Trust — 2.2%
Bank of America Corp., Notes
4.75%, 10/15/06	Aa2		5,500		5,810,272
Golden West Financial Corp., Sr. Notes
5.50%, 08/08/06	A1		5,000		5,399,085
Household Bank, Notes
1.357%, 02/27/04 [FRN](c)	NR		2,500		2,500,618
Household Finance Corp., Notes
6.70%, 01/21/04	A1		2,300		2,485,633
Wachovia Corp., Notes
4.95%, 11/01/06	Aa3		6,000		6,374,519

					22,570,127

Financial Services — 4.3%
Finova Group, Inc., Notes
7.50%, 11/15/09	NR		300		181,500
Ford Motor Credit Co., Notes
7.60%, 08/01/05	A3		5,700		6,094,508
6.875%, 02/01/06	A3		4,000		4,271,300
General Motors Acceptance Corp., Notes
1.88%, 01/20/04 [FRN](c)	A3		11,700		11,703,078
Heller Financial, Inc., Notes
6.375%, 03/15/06	Aaa		6,400		6,984,992


	Moody’s Rating (Unaudited)	Par (000)		Value

Morgan Stanley, Notes
3.625%, 04/01/08	Aa3	$	6,600	$	6,615,767
Pemex Project Funding Master Trust, Gtd. Notes
7.375%, 12/15/14	Baa1		4,000		4,290,000
8.625%, 02/01/22	Baa1		3,000		3,337,500

					43,478,645

Insurance — 1.8%
Marsh & McLennan Co., Inc., Sr. Notes
6.625%, 06/15/04	A2		8,000		8,185,120
Travelers Property Casualty Corp., Sr. Notes
3.75%, 03/15/08	A2		10,000		10,053,160

					18,238,280

Oil & Gas — 0.3%
Pioneer Natural Resources, Sr. Notes
8.875%, 04/15/05	Ba1		2,420		2,590,792

Restaurants — 0.3%
Yum! Brands, Inc., Sr. Notes
7.45%, 05/15/05	Ba1		2,500		2,678,125

Telecommunications — 3.4%
British Telecom PLC, Notes (United Kingdom)
7.875%, 12/15/05(l)	Baa1		8,400		9,261,975
Deutsche Telekom International Finance Corp., Gtd. Notes (Germany)
8.25%, 06/15/05(l)	Baa3		5,000		5,426,015
France Telecom SA, Notes (France)
8.45%, 03/01/06 [VR](c)(l)	Baa3		2,500		2,781,225
9.00%, 03/01/11(l)	Baa3		2,900		3,488,836
Sprint Capital Corp., Gtd. Notes
7.90%, 03/15/05	Baa3		2,170		2,312,430
6.00%, 01/15/07	Baa3		5,000		5,344,670
Verizon Wireless, Inc., Notes
5.375%, 12/15/06	A3		5,000		5,339,875

					33,955,026

Utilities — 2.4%
AEP Texas Central Co., Notes
2.43%, 02/15/05 [FRN](c)	Baa2		10,000		10,013,200
Edison International, Inc., Notes
6.875%, 09/15/04	Ba2		3,000		3,097,500
Niagara Mohawk Power Corp., Notes
7.75%, 05/15/06	Baa2		4,590		5,128,145

244

AST PIMCO Limited Maturity Bond Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

TXU Corp., Sr. Notes
6.375%, 06/15/06	Ba1	$	167	$	177,438
TXU Energy Co., Sr. Notes
6.125%, 03/15/08	Baa2		5,000		5,357,115

					23,773,398

Total Corporate Obligations
(Cost $157,820,498)					162,287,289

*U.S. GOVERNMENT AGENCY OBLIGATIONS — 9.8%*
Federal Home Loan Mortgage Corp.
5.00%, 04/15/16			5,074		5,199,557
5.25%, 04/15/26			688		692,764
6.00%, 04/15/28 - 04/01/33			22,890		23,549,255
6.50%, 09/25/22 - 07/25/43			17,892		18,583,558
6.569%, 12/01/26			113		117,110
8.50%, 01/01/25			1,040		1,135,484

					49,277,728

Federal Housing Authority
7.46%, 08/25/23			1,388		1,435,731
Federal National Mortgage Assoc.
1.541%, 11/25/32			6,734		6,748,991
3.008%, 01/01/25(c) [VR]			38		39,262
3.159%, 08/25/18(c) [FRN]			26		25,389
4.761%, 03/01/17(c) [VR]			949		968,623
5.00%, 05/01/18 - 11/01/18			4,441		4,536,116
5.04%, 05/01/25 [VR](c)			289		299,459
6.00%, 04/01/12 - 11/01/17			8,430		8,854,075
7.00%, 07/25/08			2,072		2,175,272
8.00%, 11/25/23			318		337,241

					23,984,428

Government National Mortgage Assoc.
4.375%, 05/20/24 - 06/20/26 [VR](c)			1,331		1,357,271
4.75%, 07/20/17 - 07/20/24 [VR](c)			236		240,572
5.00%, 11/20/29 [VR](c)			1,323		1,350,766
6.50%, 04/15/26 - 05/15/32			11,466		12,073,638
7.00%, 01/15/24 - 08/15/25			257		274,260
8.00%, 06/20/30 - 01/20/32			5,757		6,223,082


	Moody’s Rating (Unaudited)		Par (000)		Value

8.50%, 10/15/29 - 01/15/31			$	1,787	$	1,945,088

						23,464,677
Total U.S. Government Agency Obligations
(Cost $97,027,124)						98,162,564

*COLLATERALIZED MORTGAGE OBLIGATIONS — 8.4%*
Bank of America Mortgage Securities, Series 2002-K Class 2A1
5.737%, 10/20/32 [VR](c)	AAA(d)			4,705		4,870,876
Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-8 Class 2A1
4.948%, 01/25/34 [VR](c)	Aaa			5,494		5,522,344
Bear Stearns Alt-A Trust, Series 2003-7 Class IIA1
1.419%, 12/30/03 [VR](c)	Aaa			3,500		3,495,282
Bear Stearns Trust, Series 2002-2 Class IIIA
6.761%, 06/25/31 [ARM](c)	Aaa			636		664,916
Countrywide Alternative Loan Trust, Series 2003-J3 Class 2A1
6.25%, 12/25/33	AAA(d)			3,858		3,961,245
Countrywide Home Loans, Series 1999-3 Class A2
6.05%, 04/25/29	AAA(d)			2,256		2,257,420
Series 1999-9 Class A1
6.50%, 08/25/29	AAA(d)			2,151		2,242,011
Series 2003-R4 Class 2A
6.50%, 01/25/34 144A	Aaa			2,015		2,131,589
Credit Suisse First Boston USA, Inc., Series 2002 Class P-3A
1.724%, 09/27/32 144A (cost $8,622,002; purchased 09/24/02)(g)	NR			8,622		8,574,176
First Republic Mortgage Loan Trust, Series 2002-FRB1 Class A
1.462%, 08/15/32 [FRB](c)	Aaa			22,692		22,564,674
GSmps Mortgage Loan Trust, 2003-3 Class A1
7.00%, 06/25/43 144A	AAA	(d)		3,991		4,233,543
Mellon Residential Funding Corp., Series 1998-2 Class A14
6.75%, 01/25/13	AAA	(d)		35		35,191

245

AST PIMCO Limited Maturity Bond Portfolio

Schedule of Investments

December 31, 2003


	Moody’s Rating (Unaudited)	Par (000)		Value

Merrill Lynch Mortgage Investors, Inc., Series 1995-C2 Class B
6.891%, 06/15/21 [VR] (c)	Aaa	$	365	$	390,034
Residential Funding Mortgage Securities I, Series 2002-SA2 Class A1
5.599%, 09/25/32 [VR](c)	Aaa		2,906		2,981,311
Salomon Brothers Mortgage Securities VII, Series 1997-TZH Class A1
7.15%, 03/25/25 144A	Aaa		8,842		9,312,435
Small Business Investment Companies, Series 1997-P10B1 Class 1
7.31%, 05/10/07	NR		888		962,076
Structured Asset Securities Corp., Series 2001-13 Class 2A
7.00%, 10/25/16	Aaa		1,774		1,807,399
Travelers Mortgage Securities Corp., Series 1984-1 Class Z2
12.00%, 03/01/14	Aaa		586		594,544
United Mortgage Securities Corp., Series 1994-1 Class AS
3.964%, 06/25/32	Aaa		3,135		3,149,595
Washington Mutual, Series 2002-AR11 Class A1
5.162%, 10/25/32 [VR](c)	Aaa		4,818		4,935,717

Total Collateralized Mortgage Obligations
(Cost $84,549,705)					84,686,378

*SOVEREIGN ISSUES — 4.1%*
Brazil — 1.1%
Republic of Brazil
2.00%, 04/15/06 [BRB, FRN](c)	B2		4,560		4,515,230
12.00%, 04/15/10	B2		700		843,500
11.00%, 01/11/12	B2		2,000		2,330,000
8.00%, 04/15/14 [BRB]	B2		3,411		3,365,885

					11,054,615

Mexico — 0.1%
United Mexican States
11.375%, 09/15/16	Baa2		1,000		1,420,000

Panama — 1.1%
Republic of Panama
9.625%, 02/08/11	Ba1		3,000		3,480,000
9.375%, 07/23/12	Ba1		1,000		1,145,000
9.375%, 01/16/23	Ba1		3,619		3,962,805
8.875%, 09/30/27	Ba1		2,500		2,637,500

					11,225,305


	Moody’s Rating (Unaudited)		Par (000)		Value

Peru — 1.5%
Republic of Peru
9.125%, 01/15/08	Ba3		$	1,200	$	1,416,000
9.125%, 02/21/12	Ba3			10,375		11,620,000
9.875%, 02/06/15	Ba3			1,000		1,165,000
5.00%, 03/07/17	Ba3			517		480,810

						14,681,810

South Africa — 0.3%
Republic of South Africa
9.125%, 05/19/09	Baa2			2,650		3,199,875

Total Sovereign Issues
(Cost $36,123,901)						41,581,605

*ASSET BACKED SECURITIES — 1.4%*
Advanta Mortgage Loan Trust, Series 1994-4 Class A
1.516%, 11/25/29 [VR](c)	Aaa			2,742		2,738,697
Brazos Student Loan Finance Corp., Series 2001-B Class A3
1.21%, 10/31/35 [VR](c)	Aaa			2,200		2,198,324
First Franklin Mortgage Loan, Series 2003-Ff5 Class A2
2.718%, 03/25/34	Aaa			1,680		1,678,917
Green Tree Financial Corp., Series 1999-5 Class A3
6.97%, 04/01/31	BBB-	(d)		1,183		1,191,325
Novaster Home Equity Loan, Series 2001-2 Class A2
1.471%, 09/25/31 [FRB](c)	Aaa			845		846,185
Residential Asset Mortgage Products, Inc., Series 2003-Rs11 Class AIIB
1.47%, 12/25/33 [VR](c)	Aaa			2,500		2,497,998
SVO Timeshare Mortgage Corp., Series 2001-AA Class A
5.47%, 10/20/13 144A (cost $2,951,826; purchased 06/20/01)(g)	Aaa			2,956		3,067,825

Total Asset Backed Securities
(Cost $14,105,884)						14,219,271

*MUNICIPAL BONDS — 0.3%*
Missouri
Missouri Higher Education Lending Authority
Student Loan
1.19%, 12/17/03
(Cost $2,900,000)	Aaa			2,900		2,900,000

246

AST PIMCO Limited Maturity Bond Portfolio

Schedule of Investments

December 31, 2003


	Units		Value

Rights*
United Mexican States Value Recovery (Mexico)
Series B		5,500	$	55,000
Series C		5,500		11,000
Series D		5,500		11,000
Series E		5,500		6,875

Total Rights
(Cost $0)				83,875

Total Long-Term Investments
(Cost $392,527,112)				403,920,982

	Par (000)
*SHORT-TERM INVESTMENTS — 50.4%*
Certificate of Deposit — 2.1%
Citibank NA
1.095%, 02/19/04	$	21,000		20,999,971

Commercial Paper — 10.3%
ABN AMRO NA Finance, Inc.
1.07%, 01/26/04		9,100		9,093,289
1.075%, 02/03/04		16,100		16,076,411
Danske Corp.
1.08%, 01/07/04		20,000		19,996,400
1.08%, 01/21/04		1,800		1,798,921
General Electric Capital Corp.
1.09%, 01/15/04		300		299,876
HBOS Treasury Services
1.105%, 01/23/04		600		599,594
Rabobank USA Financial Corp.
1.05%, 01/13/04		14,000		13,995,433
Royal Bank of Scotland
1.08%, 02/03/04		7,500		7,492,680
Shell Finance Plc
1.07%, 02/06/04		20,000		19,978,154
UBS Finance LLC, Inc.
1.075%, 02/25/04		10,100		10,082,871
1.07%, 04/05/04		4,400		4,387,445

				103,801,074


	Shares
Registered Investment Companies — 0.1%
BlackRock Provident Institutional Funds TempCash Portfolio		251,491		251,491

BlackRock Provident Institutional Funds TempFund Portfolio		251,490		251,490

				502,981


	Par (000)		Value

U.S. Government Agency Obligations — 17.4%
Federal Home Loan Bank
1.05%, 01/14/04(n)	$	7,200	$	7,197,350
1.05%, 01/14/04(n)		4,100		4,098,491
1.05%, 01/14/04(n)		47,000		46,982,698
Federal Home Loan Mortgage Corp.
1.08%, 02/12/04(n)		23,200		23,173,318
1.085%, 03/01/04(n)		20,000		19,968,200
1.09%, 03/01/04(n)		25,900		25,852,164
Federal National Mortgage Assoc.
1.08%, 02/18/04(n)		26,400		26,365,536
1.135%, 02/18/04(n)		9,100		9,088,120
1.08%, 02/23/04(n)		3,500		3,494,355
1.03%, 03/31/04(n)		4,700		4,687,763
1.075%, 04/01/04(n)		4,500		4,487,638

				175,395,633

U.S. Treasury Obligations — 20.5%
U.S. Treasury Bills
0.91%, 03/04/04(k)(n)		3,420		3,415,171
0.84%,03/18/04(k)(n)		600		598,945
0.985%, 04/15/04(n)		11,500		11,466,647
0.985%, 04/15/04(n)		11,500		11,466,647
0.985%, 04/15/04(n)		15,700		15,654,463
0.995%, 04/15/04(n)		11,500		11,466,308
1.02%, 04/29/04(n)		32,800		32,688,480
1.02%, 04/29/04(n)		1,600		1,594,560
1.025%, 05/06/04(n)		23,700		23,614,333
1.04%, 05/13/04(n)		42,500		42,361,918
1.031%, 06/03/04(n)		50,000		49,805,149
1.031%, 06/03/04(n)		1,000		996,103

				205,128,724

Total Short-Term Investments
(Cost $505,775,496)				505,828,383

Total Investments, Before Outstanding Options Written — 90.5%
(Cost $898,302,608)				909,749,365

	Swap Notional Amount $(000)
*WRITTEN OPTIONS — (0.1)%*
Call Option – (0.1)%
Swap 3-Month LIBOR, Strike Price 4.00, Expires 01/07/05		50,700		(592,936	)

247

AST PIMCO Limited Maturity Bond Portfolio

Schedule of Investments

December 31, 2003


	Swap Notional Amount $(000)	Value

Put Option
Swap 3-Month LIBOR, Strike Price 7.00, Expires 01/07/05	50,700	$	(239,406	)

Total Written Options
(Premiums received $929,078)			(832,342	)

Total Investments, Net of Outstanding Options Written
(Cost $897,373,531)			908,917,023
Other Assets in Excess of Liabilities — 9.6%			97,007,356

Net Assets — 100.0%		$	1,005,924,379

Foreign currency exchange contracts outstanding at December 31, 2003:


Settlement Month	Sale Contracts	Contracts to Deliver	In Exchange For		Contracts at Value		Unrealized Depreciation

01/04	Sell EUR	1,428,570	$	1,769,436	$	1,801,930	($	32,494	)

The following abbreviations are used in portfolio descriptions:

144A	Security was purchased pursuant to Rule 144A under the securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted 144A securities are deemed to be liquid.

ARM	Adjustable Rate Mortgage Security

BRB	Brady Bond

EUR	Euro Dollar

FRB	Floating Rate Bond

FRN	Floating Rate Note

GBP	British Pound

Not Rated

VR	Variable Rate Bond


symbol		description
(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.
(d)		Standard & Poor’s rating
(g)		Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $13,573,828. The aggregate value, $13,655,021 represents 1.37% of net assets.

248

AST PIMCO Limited Maturity Bond Portfolio

Schedule of Investments

December 31, 2003

(k)	Securities with an aggregate market value of $4,014,116 have been segregated with the custodian to cover margin requirements for the following open futures contracts at December 31, 2003:


Description	Expiration Month		Notional Amount (000)	Contracts at Trade Date Value		Contracts at Current Value		Unrealized Appreciation/ (Depreciation)

Long Positions:
3 Month Euro-Bobl	03/04	EUR	38,700	$	53,976,310	$	53,954,478	$	(21,832	)
3 Month Eurodollar	12/04	EUR	141,500		137,244,063		138,443,600		1,199,537

								$	1,177,705

(l) US$ Denominated Foreign Bonds.

(n) Rates shown are the effective yields at purchase date.

Interest rate swap agreements outstanding at December 31, 2003:


Description	Expiration Month		Contracts/ Notional Amount (000)		Unrealized Appreciation (Depreciation)

Receive fixed rate payments of 4.00% and pay variable rate payments on the six month LIBOR-BBA floating rate.(cost $19,934 purchased 03/17/03)(g)(1)	03/07	EUR	$	16,000	$	72,417
Receive fixed rate payments of 4.25% and pay variable rate payments on the six month LIBOR-BBA floating rate.(2)	03/05	GBP		96,500		(857,762	)

					$	(785,345	)

Brokers/Counterparties

(1) UBS - Warburg

(2) Morgan Stanley

See Notes to Financial Statements.

249

AST Money Market Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value

*CORPORATE OBLIGATIONS — 22.6%*
Special Purpose Insurance Vehicle - 2.5%
John Hancock Global Funding II
1.27%, 09/13/04 [FRN] 144A(c)	$	44,000	$	44,037,696

Financial — Bank & Trust — 4.5%
HBOS Treasury Services PLC
1.17%, 01/22/04		23,000		23,000,162
1.18%, 01/23/04		10,000		10,000,135
J.P. Morgan Chase & Co.
1.305%, 02/05/04 [FRN](c)		12,500		12,501,978
Marshall & IIsley Bank 5.252%, 12/15/04		22,500		23,299,196
Northern Rock PLC
1.27%, 03/18/04 [FRN] 144A(c)		23,000		23,004,735
Suntrust Bank
1.25%, 04/12/04 [FRN](c)		57,000		57,024,970

				148,831,176

Financial Services — 7.4%
American Express Centurion Bank
1.111%, 05/24/04		25,000		25,000,000
American Honda Finance
1.14%, 05/12/04 [FRN] 144A(c)		52,000		52,000,001
Caterpillar Financial Services Corp.
1.34%, 03/05/04 [FRN](c)		25,000		25,008,787
1.31%, 04/02/04 [FRN](c)		28,000		28,012,134

				130,020,922

Financial — Brokerage — 4.2%
Bear Stearns Co., Inc.
1.77%, 05/24/04 [FRN](c)		75,000		75,184,316

Total Corporate Obligations
(Cost $398,074,110 )				398,074,110

*U.S. GOVERNMENT AGENCY OBLIGATIONS — 15.0%*
Federal Home Loan Bank
0.70%, 01/02/04		27,150		27,149,472
1.09%, 02/06/04 - 02/06/04		99,800		99,691,218

				126,840,690

Federal Home Loan Mortgage Corp.
1.12%, 01/29/04		80,000		79,930,311
3.25%, 01/15/04		36,320		36,348,235

				116,278,546

Federal National Mortgage Assoc.
1.28%, 01/02/04		22,000		21,999,218

(Cost $265,118,454)				265,118,454


	Par (000)		Value

*CERTIFICATES OF DEPOSIT — 15.5%*
Bank of Scotland NY
1.13%, 03/31/04	$	62,000	$	62,004,394
BNP Paribas NY
1.39%, 08/27/04		62,000		62,027,347
Discover Bank
1.095%, 01/20/04		53,000		53,000,000
Royal Bank of Canada NY
1.078%, 09/03/04		71,000		70,981,413
SwedBank
1.413%, 11/03/04		25,000		24,998,424

(Cost $273,011,578)				273,011,578

*TIME DEPOSIT — 4.7%*
Societe Generale
0.875%, 01/02/04
(Cost $83,000,000)		83,000		83,000,000

*ASSET BACKED SECURITIES — 3.4%*
WFS Financial Owner Trust
1.127%, 08/20/04		41,626		41,625,757
Whole Auto Loan Trust
1.10%, 09/15/04		18,093		18,093,156

(Cost $59,718,913)				59,718,913

*REGISTERED INVESTMENT COMPANIES*

	Shares
BlackRock Provident Institutional Funds
TempCash Portfolio		19,178		19,178
BlackRock Provident Institutional Funds
TempFund Portfolio		19,177		19,177

(Cost $38,355)				38,355


	Par (000)
*COMMERCIAL PAPER — 33.6%*
Financial — Bank & Trust — 10.0%
Bradford & Bingley PLC
1.15%, 01/07/05 144A (cost $28,000,000; purchased 12/08/03)(h)	$	28,000		28,000,000
HSBC Bank of Canada
1.22%, 02/04/04 144A (cost $33,960,824; purchased 05/14/03)(h)		34,000		33,960,824
Nationwide Building Society
1.10%, 03/08/04		64,000		63,868,978
Spintab AB
1.10%, 03/10/04		50,000		49,894,583

				175,724,385

250

AST Money Market Portfolio

Schedule of Investments

December 31, 2003


	Par (000)		Value

Financial Services — 23.6%
KBC Financial Products International
1.10%, 02/19/04 144A (cost $67,398,938; purchased 11/18/03)(h)	$	67,500	$	67,398,938
KFW International Finance
1.12%, 02/02/04 144A (cost $50,553,621; purchased 08/14/03)(h)		50,604		50,553,621
National Bank of New Zealand International
1.18%, 05/05/04 144A (cost $61,248,021; purchased 11/05/03)(h)		61,500		61,248,021
Network Rail Finance PLC
1.10%, 02/17/04 144A (cost $34,949,736; purchased 11/18/03)(h)		35,000		34,949,736
1.11%, 04/02/04 144A (cost $29,167,028; purchased 10/06/03)(h)		29,250		29,167,028


	Par (000)		Value

Stadshypotek Delaware, Inc.
1.12%, 03/12/04 144A (cost $64,856,423; purchased 11/10/03)(h)	$	65,000	$	64,856,422
Swedish National Housing Finance Corp.
1.10%, 03/10/04 144A (cost $43,907,233 purchased 12/09/03)(h)		44,000		43,907,233
Toyota Motors Credit Corp.
1.08%, 03/15/04 144A (cost $22,200,605; purchased 11/19/03)(h)		22,250		22,200,605
1.08%, 03/19/04 144A (cost $41,901,720; purchased 11/19/03)(h)		42,000		41,901,720

				416,183,324

Total Commercial Paper
(Cost $591,907,709)				591,907,709

Total Investments — 94.8%
(Cost $1,670,869,119)				1,670,869,119
Other Assets in Excess of Liabilities — 5.2%				91,247,481

Net Assets — 100.0%			$	1,762,116,600

The following abbreviations are used in portfolio descriptions:

144A	Security was purchased pursuant to Rule 144A under the securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted 144A securities are deemed to be liquid.

FRN	Floating Rate Note


symbol		description
(c)		Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at December 31, 2003.
(h)		Indicates a restricted security; the aggregate cost and value, $478,144,148 is approximately 27.13% of net assets.

See Notes to Financial Statements.

251

American Skandia Trust

Statements of Assets and Liabilities

December 31, 2003

(Amounts in thousands, except per share amounts)




	Portfolio

	AST Strong International Equity			AST William Blair International Growth			AST American Century International Growth			AST DeAM International Equity			AST MFS Global Equity			AST PBHG Small-Cap Growth
Assets
Investments in securities at value(A) including securities loaned at value(D)	$	337,649		$	499,648		$	379,350		$	158,540		$	103,017		$	387,068
Cash		1,763			168,121			—			10,839			—			—
Foreign currency at value(B)		—			1,091			398			—			—			—
Unrealized appreciation on foreign currency exchange contracts		—			—			11			280			—			—
Unrealized appreciation on swap agreements		—			—			—			—			—			—
Receivable for:
Securities sold		118			66,441			4,539			—			41			4,746
Dividends and interest		859			549			797			215			162			176
Fund shares sold		1			5,684			2			76			163			485
Futures variation margin		—			—			—			2,218			—			—
Other assets		5			4			4			2			1			4

Total Assets		340,395			741,538			385,101			172,170			103,384			392,479

Liabilities
Payable to custodian		—			—			—			—			60			—
Unrealized depreciation on foreign currency exchange contracts		—			—			7			13			—			—
Written options outstanding, at value(C)		—			—			—			—			—			—
Investments sold short, at value(E)		—			—			—			—			—			—
Unrealized depreciation on swap agreements		—			—			—			—			—			—
Payable from Loans		1,000			—			—			—			—			—
Payable on return of securities lent		—			—			—			—			—			53,823
Payable for:
Securities purchased		—			99,391			6,257			—			294			144
Fund shares redeemed		105			—			233			—			15			114
Futures variation margin		—			—			—			—			—			—
Advisory fees		168			145			151			47			39			143
Shareholder servicing fees		5			8			5			2			2			5
Deferred directors compensation		8			11			8			3			1			8
Accrued expenses and other liabilities		70			81			113			46			35			51
Accrued foreign cap gain tax		—			353			—			—			—			—
Dividends and Distributions		—			—			—			—			—			—

Total Liabilities		1,356			99,989			6,774			111			446			54,288

Net Assets	$	339,039		$	641,549		$	378,327		$	172,059		$	102,938		$	338,191

Components of Net Assets
Shares of beneficial interest (unlimited number of shares authorized, $.001 par value per share)	$	21		$	61		$	32		$	15		$	10		$	22
Additional paid-in capital		449,296			784,031			603,949			315,606			98,509			483,075
Undistributed net investment income (loss)		3,591			1,091			(285	)		2,173			212			(1	)
Accumulated net realized gain (loss) on investments		(189,726	)		(263,006	)		(289,477	)		(165,821	)		(12,085	)		(224,891	)
Accumulated net unrealized appreciation on investments		75,857			119,372			64,108			20,086			16,292			79,986

Net Assets, December 31, 2003	$	339,039		$	641,549		$	378,327		$	172,059		$	102,938		$	338,191

Shares of common stock outstanding		21,444			61,424			31,507			15,431			10,038			22,366
Net asset value, offering and redemption price per share	$	15.81		$	10.44		$	12.01		$	11.15		$	10.25		$	15.12

(A) Investments at cost	$	261,859		$	379,988		$	315,358		$	139,050		$	86,733		$	307,082

(B) Foreign currency at cost	$	—		$	1,088		$	398		$	—		$	—		$	—

(C) Premiums Received for Written Options	$	—		$	—		$	—		$	—		$	—		$	—

(D) Securities Loaned at Value	$	—		$	—		$	—		$	—		$	—		$	51,197

(E) Proceeds received for investments sold short	$	—		$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements.

252





Portfolio

AST DeAM Small-Cap Growth			AST Federated Aggressive Growth			AST Goldman Sachs Small-Cap Value		AST Gabelli Small-Cap Value			AST DeAM Small-Cap Value		AST Goldman Sachs Mid-Cap Growth			AST Neuberger Berman Mid-Cap Growth			AST Neuberger Berman Mid-Cap Value


$	433,980		$	186,903		$	383,089	$	793,333		$	44,505	$	195,109		$	514,168		$	1,225,229
	6,664			—			2,346		66,887			9,402		7,976			—			—
	—			—			—		—			—		—			—			—
	—			—			—		—			—		—			—			—
	—			—			—		—			—		—			—			—

	—			4,458			4,961		676			—		—			—			4,492
	123			17			333		486			53		97			62			690
	—			224			2		411			—		1,476			313			2
	—			—			—		—			—		—			—			—
	4			2			3		8			—		1			4			10

	440,771			191,604			390,734		861,801			53,960		204,659			514,547			1,230,423


	—			—			—		—			—		—			—			—
	—			—			—		—			—		—			—			—
	—			—			—		—			—		—			—			—
	—			—			—		—			—		—			—			—
	—			—			—		—			—		—			—			—
	—			—			—		—			—		—			—			—
	36,175			—			45,510		83,233			1,757		40,837			153,712			197,327

	—			3,930			840		1,656			—		3,206			226			4,368
	903			—			731		2,127			87		—			418			878
	88			—			—		—			114		—			—			—
	111			79			154		276			12		40			127			360
	6			3			5		11			1		2			5			14
	9			1			5		8			—		1			7			14
	49			26			47		74			9		24			42			88
	—			—			—		—			—		—			—			—
	—			—			—		—			—		—			—			—

	37,341			4,039			47,292		87,385			1,980		44,110			154,537			203,049

$	403,430		$	187,565		$	343,442	$	774,416		$	51,980	$	160,549		$	360,010		$	1,027,374


$	53		$	22		$	19	$	49		$	5	$	42		$	29		$	58
	645,560			147,424			272,705		647,987			44,788		224,983			684,319			830,497
	133			(127	)		1,233		491			148		(1	)		(7	)		1,176
	(300,538	)		2,807			1,410		(9,647	)		2,821		(84,978	)		(394,307	)		24,330
	58,222			37,439			68,075		135,536			4,218		20,503			69,976			171,313

$	403,430		$	187,565		$	343,442	$	774,416		$	51,980	$	160,549		$	360,010		$	1,027,374

	52,877			21,775			18,957		49,314			4,683		42,360			29,370			57,706
$	7.63		$	8.61		$	18.12	$	15.70		$	11.10	$	3.79		$	12.26		$	17.80

$	375,790		$	149,464		$	315,014	$	657,797		$	40,387	$	174,605		$	444,192		$	1,053,916

$	—		$	—		$	—	$	—		$	—	$	—		$	—		$	—

$	—		$	—		$	—	$	—		$	—	$	—		$	—		$	—

$	34,443		$	—		$	43,591	$	78,988		$	1,629	$	39,257		$	148,818		$	190,550

$	—		$	—		$	—	$	—		$	—	$	—		$	—		$	—

253

American Skandia Trust

Statements of Assets and Liabilities (CONTINUED)

December 31, 2003

(Amounts in thousands, except per share amounts)




	Portfolio

	AST Alger All-Cap Growth			AST Gabelli All-Cap Value			AST T.Rowe Price Natural Resources			AST Alliance Growth			AST MFS Growth			AST Marsico Capital Growth
Assets
Investments in securities at value(A)
including securities loaned at value(D)	$	532,221		$	224,178		$	205,182		$	266,533		$	681,253		$	2,089,472
Cash		—			—			3,048			—			—			—
Foreign currency at value(B)		—			—			—			—			—			—
Unrealized appreciation on foreign currency exchange contracts		—			—			—			—			—			—
Unrealized appreciation on swap agreements		—			—			—			—			—			—
Receivable for:
Securities sold		4,730			—			—			3,298			27,378			—
Dividends and interest		143			215			237			162			399			656
Fund shares sold		—			1,288			140			—			—			6,115
Futures variation margin		—			—			—			—			—			—
Other assets		5			2			1			3			6			17

Total Assets		537,099			225,683			208,608			269,996			709,036			2,096,260

Liabilities
Payable to custodian		—			—			—			4			362			—
Unrealized depreciation on foreign currency exchange contracts		—			—			—			—			—			268
Written options outstanding, at value(C)		—			—			—			—			—			—
Investments sold short, at value(E)		—			—			—			—			—			—
Unrealized depreciation on swap agreements		—			—			—			—			—			—
Payable from Loans		—			—			—			—			3,000			—
Payable on return of securities lent		132,412			43,714			29,659			29,927			102,133			384,644
Payable for:
Securities purchased		1,576			—			7,997			2,851			9,508			—
Fund shares redeemed		397			2			—			34			450			—
Futures variation margin		—			—			—			—			—			—
Advisory fees		147			62			64			85			192			597
Shareholder servicing fees		6			3			2			3			8			23
Deferred directors compensation		7			2			3			6			9			23
Accrued expenses and other liabilities		49			26			23			30			67			124
Accrued foreign cap gain tax		—			—			—			—			—			—
Dividends and Distributions		—			—			—			—			—			—

Total Liabilities		134,594			43,809			37,748			32,940			115,729			385,679

Net Assets	$	402,505		$	181,874		$	170,860		$	237,056		$	593,307		$	1,710,581

Components of Net Assets
Shares of beneficial interest (unlimited number of shares authorized, $.001 par value per share)	$	81		$	17		$	10		$	28		$	81		$	111
Additional paid-in capital		779,925			189,995			149,125			486,697			1,038,769			1,676,962
Undistributed net investment income (loss)		(7	)		511			1,878			(5	)		(21	)		(413	)
Accumulated net realized gain (loss) on investments		(437,663	)		(31,801	)		(4,831	)		(276,452	)		(483,979	)		(349,997	)
Accumulated net unrealized appreciation on investments		60,169			23,152			24,678			26,788			38,457			383,918

Net Assets, December 31, 2003	$	402,505		$	181,874		$	170,860		$	237,056		$	593,307		$	1,710,581

Shares of common stock outstanding		81,174			17,395			9,792			28,393			81,291			110,785
Net asset value, offering and redemption price per share	$	4.96		$	10.46		$	17.45		$	8.35		$	7.30		$	15.44

(A) Investments at cost	$	472,052		$	201,027		$	180,504		$	239,745		$	642,798		$	1,705,293

(B) Foreign currency at cost	$	—		$	—		$	—		$	—		$	—		$	—

(C) Premiums Received for Written Options	$	—		$	—		$	—		$	—		$	—		$	—

(D) Securities Loaned at Value	$	127,444		$	41,968		$	28,344		$	29,127		$	99,036		$	371,137

(E) Proceeds received for investments sold short	$	—		$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements.

254





Portfolio

AST Goldman Sachs Concentrated Growth			AST DeAM Large- Cap Growth			AST DeAM Large- Cap Value			AST Alliance/ Bernstein Growth + Value			AST Sanford Bernstein Core Value		AST Cohen & Steers Realty		AST Sanford Bernstein Managed Index 500			AST American Century Income & Growth


$	1,349,637		$	107,639		$	155,208		$	82,133		$	243,024	$	303,196	$	616,252		$	411,773
	7,149			7,583			9,232			—			—		—		—			58
	—			—			—			—			—		—		—			—
	—			—			—			—			—		—		—			—
	—			—			—			—			—		—		—			—

	—			—			—			33			—		—		1,749			—
	644			68			141			73			314		1,849		699			468
	4			—			208			194			152		—		37			—
	—			20			25			—			—		—		—			7
	15			1			2			1			2		4		6			3

	1,357,449			115,311			164,816			82,434			243,492		305,049		618,743			412,309


	—			—			—			—			—		—		—			—
	—			—			—			—			—		—		—			—
	—			—			—			—			—		—		—			—
	—			—			—			—			—		—		—			—
	—			—			—			—			—		—		—			—
	—			—			—			—			—		—		—			—
	204,389			17,568			30,946			18,523			46,226		14,571		73,368			105,592

	—			—			—			41			4,575		34		2,802			—
	1,403			240			—			—			69		816		952			761
	—			—			—			—			—		—		—			—
	297			16			28			23			43		84		72			98
	16			1			2			1			3		4		7			4
	42			1			1			—			2		3		9			6
	102			14			18			9			27		35		41			38
	—			—			—			—			—		—		—			—
	—			—			—			—			—		—		—			—

	206,249			17,840			30,995			18,597			50,945		15,547		77,251			106,499

$	1,151,200		$	97,471		$	133,821		$	63,837		$	192,547	$	289,502	$	541,492		$	305,810


$	55		$	10		$	14		$	7		$	17	$	22	$	49		$	26
	1,967,904			98,366			138,900			62,267			155,919		228,199		662,084			381,161
	(42	)		(1	)		1,235			229			3,000		12,322		4,634			3,640
	(965,114	)		(9,916	)		(22,041	)		(5,678	)		2,883		2,455		(162,962	)		(113,343	)
	148,397			9,012			15,713			7,012			30,728		46,504		37,687			34,326

$	1,151,200		$	97,471		$	133,821		$	63,837		$	192,547	$	289,502	$	541,492		$	305,810

	55,210			9,528			13,585			7,031			17,242		22,423		49,308			25,581
$	20.85		$	10.23		$	9.85		$	9.08		$	11.17	$	12.91	$	10.98		$	11.95

$	1,201,239		$	98,811		$	139,705		$	75,122		$	212,295	$	256,692	$	578,565		$	377,514

$	—		$	—		$	—		$	—		$	—	$	—	$	—		$	—

$	—		$	—		$	—		$	—		$	—	$	—	$	—		$	—

$	198,291		$	17,070		$	29,927		$	17,997		$	44,693	$	13,952	$	71,119		$	101,700

$	—		$	—		$	—		$	—		$	—	$	—	$	—		$	—

255

American Skandia Trust

Statements of Assets and Liabilities (CONTINUED)

December 31, 2003

(Amounts in thousands, except per share amounts)




	Portfolio

	AST Alliance Growth and Income			AST MFS Growth with Income			AST INVESCO Capital Income			AST DeAM Global Allocation			AST American Century Strategic Balanced			AST T.Rowe Price Asset Allocation
Assets
Investments in securities at value(A)
Including Securities Loaned at Value(D)	$	2,110,181		$	132,033		$	670,158		$	262,433		$	302,979		$	414,884
Cash		—			—			—			2,587			207			19
Foreign currency at value(B)		—			—			—			—			—			—
Unrealized appreciation on foreign currency exchange contracts		—			1			—			—			—			—
Unrealized appreciation on swap agreements		—			—			—			—			—			—
Receivable for:
Securities sold		1,786			78			1,074			—			2,535			196
Dividends and interest		2,401			148			1,490			1			973			1,805
Fund shares sold		6,841			—			1			—			—			162
Futures variation margin		—			—			—			—			5			—
Other assets		18			1			7			2			3			4

Total Assets		2,121,227			132,261			672,730			265,023			306,702			417,070

Liabilities
Payable to custodian		—			—			—			—			—			—
Unrealized depreciation on foreign currency exchange contracts		—			—			—			—			—			—
Written options outstanding, at value(C)		—			—			—			—			—			—
Investments sold short, at value(E)		—			—			—			—			—			—
Unrealized depreciation on swap agreements		—			—			—			—			—			—
Payable from Loans		—			—			—			—			—			—
Payable on return of securities lent		283,346			18,814			29,848			—			53,120			42,991
Payable for:
Securities purchased		729			3,147			1,947			—			17,091			13,753
Fund shares redeemed		—			901			530			181			546			—
Futures variation margin		—			—			—			—			—			—
Advisory fees		448			35			200			12			81			93
Shareholder servicing fees		25			2			9			—			3			5
Deferred directors compensation		25			1			15			7			3			5
Accrued expenses and other liabilities		125			22			69			15			40			71
Accrued foreign cap gain tax		—			—			—			—			—			—
Dividends and Distributions		—			—			—			—			—			—

Total Liabilities		284,698			22,922			32,618			215			70,884			56,918

Net Assets	$	1,836,529		$	109,339		$	640,112		$	264,808		$	235,818		$	360,152

Components of Net Assets
Shares of beneficial interest (unlimited number of shares authorized, $.001 par value per share)	$	104		$	13		$	44		$	24		$	18		$	23
Additional paid-in capital		1,953,317			135,654			688,339			353,112			239,941			330,024
Undistributed net investment income (loss)		13,691			401			9,247			2,860			3,254			5,501
Accumulated net realized gain (loss) on investments		(336,638	)		(37,704	)		(102,919	)		(105,555	)		(27,642	)		(17,696	)
Accumulated net unrealized appreciation on investments		206,055			10,975			45,401			14,367			20,247			42,300

Net Assets, December 31, 2003	$	1,836,529		$	109,339		$	640,112		$	264,808		$	235,818		$	360,152

Shares of common stock outstanding		103,723			12,996			43,675			23,916			18,250			23,449
Net asset value, offering and redemption price per share	$	17.71		$	8.41		$	14.66		$	11.07		$	12.92		$	15.36

(A) Investments at cost	$	1,904,126		$	121,061		$	624,757		$	248,066		$	282,811		$	372,594

(B) Foreign currency at cost	$	—		$	—		$	—		$	—		$	—		$	—

(C) Premiums Received for Written Options	$	—		$	—		$	—		$	—		$	—		$	—

(D) Securities Loaned at Value	$	275,666		$	18,213		$	29,118		$	—		$	51,500		$	41,770

(E) Proceeds received for investments sold short		—			—			—			—			—			—

See Notes to Financial Statements.

256





Portfolio

AST T. Rowe Price Global Bond		AST Federated High Yield			AST Lord Abbett Bond- Debenture		AST DeAM Bond		AST PIMCO Total Return Bond		AST PIMCO Limited Maturity Bond		AST Money Market


$	213,057	$	854,909		$	330,842	$	120,624	$	2,124,599	$	909,749	$	1,670,869
	18,853		—			67,771		11,088		—		4,178		—
	417		—			—		—		4,369		1,637		—
	675		—			—		—		84		—		—
	—		—			—		—		906		73		—

	4,558		—			—		303		11,537		102,143		—
	3,795		17,936			3,835		896		10,829		4,143		1,908
	699		36			1,216		3		2,271		136		89,654
	364		—			—		—		685		—		—
	3		10			3		2		30		15		35

	242,421		872,891			403,667		132,916		2,155,310		1,022,074		1,762,466


	—		—			—		—		—		—		—
	1,113		—			—		—		233		32		—
	—		—			—		—		7,782		832		—
	—		—			—		—		11,536		—		—
	—		—			—		—		245		858		—
	—		—			—		—		—		—		—
	—		—			27,092		7,729		—		—		—

	11,536		—			30,064		9,253		25,679		13,447		—
	—		4,098			—		—		1,197		614		—
	—		—			—		—		—		—		—
	80		173			59		29		484		236		140
	3		13			4		2		29		14		23
	3		11			2		1		33		15		45
	56		85			34		20		180		102		140
	—		—			—		—		—		—		—
	—		—			—		—		—		—		1

	12,791		4,380			57,255		17,034		47,398		16,150		349

$	229,630	$	868,511		$	346,412	$	115,882	$	2,107,912	$	1,005,924	$	1,762,117


$	19	$	99		$	30	$	11	$	176	$	88	$	1,762
	194,001		993,258			317,774		107,570		1,978,105		954,184		1,760,373
	14,586		58,029			12,612		4,310		85,295		29,739		(18	)
	4,139		(208,749	)		1,179		2,608		6,701		9,982		—
	16,885		25,874			14,817		1,383		37,635		11,931		—

$	229,630	$	868,511		$	346,412	$	115,882	$	2,107,912	$	1,005,924	$	1,762,117

	18,972		99,083			30,292		10,973		175,749		88,449		1,762,159
$	12.10	$	8.77		$	11.44	$	10.56	$	11.99	$	11.37	$	1.00

$	195,933	$	829,034		$	316,025	$	119,241	$	2,096,499	$	898,303	$	1,670,869

$	410	$	—		$	—	$	—	$	4,220	$	1,609	$	—

$	—	$	—		$	—	$	—	$	8,097	$	929	$	—

$	—	$	—		$	26,473	$	7,586	$	—	$	—	$	—

$	—	$	—		$	—	$	—	$	11,537	$	—	$	—

257

American Skandia Trust

Statements of OPERATIONS

For the Year Ended December 31, 2003

(Amounts in thousands)




	Portfolio

	AST Strong International Equity			AST William Blair International Growth			AST American Century International Growth			AST DeAM International Equity			AST MFS Global Equity			AST PBHG Small-Cap Growth

Investment Income

Interest	$	188		$	236		$	—		$	78		$	28		$	6

Dividends		8,190			6,347			7,579			3,586			1,356			1,222

Security Lending		—			—			—			—			—			144

Foreign taxes withheld		(853	)		(678	)		(883	)		(350	)		(108	)		(2	)


Total Investment Income		7,525			5,905			6,696			3,314			1,276			1,370


Expenses

Investment advisory fees		3,098			3,710			3,456			1,414			741			2,545

Shareholder servicing fees		351			371			345			141			74			283

Administration and accounting fees		290			297			287			141			100			250

Custodian fees		133			127			341			49			97			73

Distribution fees		72			401			—			—			—			203

Audit and legal fees		22			22			21			8			5			16

Trustees’ fees		12			13			14			8			6			10

Interest expenses		—			4			6			—			—			2

Miscellaneous expenses		20			21			25			39			13			16


Total Expenses		3,998			4,966			4,495			1,800			1,036			3,398

Less: Advisory fee waivers and expense reimbursements		—			(371	)		—			(212	)		—			—

Less: Fees paid indirectly		(72	)		(401	)		—			—			—			(203	)


Net Expenses		3,926			4,194			4,495			1,588			1,036			3,195


Net Investment Income (Loss)		3,599			1,711			2,201			1,726			240			(1,825	)


Realized and Unrealized Gain (Loss) on Investments

Net realized gain (loss) on:

Securities transactions		(8,428	)		12,696			11,823			5,216			(708	)		18,186

Foreign currency transactions		(3	)		(671	)		(228	)		1,091			(26	)		—

Futures transactions		—			—			—			(262	)		—			—

Written option transactions		—			—			—			—			—			—

Swap agreement transactions		—			—			—			—			—			—


Net realized gain (loss)		(8,431	)		12,025			11,595			6,045			(734	)		18,186


Net change in unrealized appreciation (depreciation) on:

Securities		103,580			119,463			65,348			34,740			19,982			85,576

Futures contracts		—			—			—			527			—			—

Written option contracts		—			—			—			—			—			—

Swap Agreements		—			—			—			—			—			—

Foreign currencies translation		17			(14	)		24			84			3			—

Unrealized foreign cap gain tax on appreciated securities		—			(353	)		—			—			—			—


Net change in unrealized appreciation (depreciation)		103,597			119,096			65,372			35,351			19,985			85,576


Net gain on investments		95,166			131,121			76,967			41,396			19,251			103,762


Net Increase in Net Assets Resulting from Operations	$	98,765		$	132,832		$	79,168		$	43,122		$	19,491		$	101,937

See Notes to Financial Statements.

258





Portfolio

AST DeAM Small-Cap Growth			AST Federated Aggressive Growth			AST Goldman Sachs Small-Cap Value			AST Gabelli Small-Cap Value			AST DeAM Small-Cap Value			AST Goldman Sachs Mid-Cap Growth			AST Neuberger Berman Mid-Cap Growth			AST Neuberger Berman Mid-Cap Value



$	56		$	53		$	26		$	179		$	30		$	13		$	1		$	38

	2,541			184			4,696			6,053			402			516			789			9,736

	206			—			54			93			2			35			89			122

	(7	)		(3	)		(7	)		(10	)		—			—			(9	)		(47	)


	2,796			234			4,769			6,315			434			564			870			9,849




	3,215			950			2,869			5,024			233			933			2,809			7,270

	339			100			302			558			24			93			312			808

	283			100			261			361			39			93			267			416

	68			45			74			87			22			29			30			81

	—			—			257			5			—			148			193			635

	17			7			15			34			2			6			20			52

	15			5			12			18			4			6			11			25

	—			5			—			6			—			—			—			—

	18			12			18			29			10			4			4			15


	3,955			1,224			3,808			6,122			334			1,312			3,646			9,302


	(508	)		—			—			—			(52	)		(93	)		—			—

	—			—			(257	)		(5	)		—			(148	)		(193	)		(635	)


	3,447			1,224			3,551			6,117			282			1,071			3,453			8,667


	(651	)		(990	)		1,218			198			152			(507	)		(2,583	)		1,182






	48,068			13,182			14,465			6,056			2,806			5,797			21,579			49,679

	—			(12	)		—			—			—			—			—			—

	3,117			—			—			—			2,160			—			—			—

	—			—			—			—			—			—			—			—

	—			—			—			—			—			—			—			—


	51,185			13,170			14,465			6,056			4,966			5,797			21,579			49,679




	79,832			40,159			87,538			170,461			4,199			21,374			62,915			206,834

	88			—			—			—			157			—			—			—

	—			—			—			—			—			—			—			—

	—			—			—			—			—			—			—			—

	—			—			—			—			—			—			—			—


	—			—			—			—			—			—			—			—


	79,920			40,159			87,538			170,461			4,356			21,374			62,915			206,834


	131,105			53,329			102,003			176,517			9,322			27,171			84,494			256,513



$	130,454		$	52,339		$	103,221		$	176,715		$	9,474		$	26,664		$	81,911		$	257,695

259

American Skandia Trust

Statements of OPERATIONS (CONTINUED)

For the Year Ended December 31, 2003

(Amounts in thousands)




	Portfolio

	AST Alger All-Cap Growth			AST Gabelli All-Cap Value			AST T. Rowe Price Natural Resources			AST Alliance Growth			AST MFS Growth			AST Marsico Capital Growth

Investment Income

Interest	$	96		$	10		$	110		$	—		$	167		$	1,064

Dividends		2,115			1,995			2,123			2,281			4,810			9,697

Security Lending		68			34			23			27			62			246

Foreign taxes withheld		(14	)		(11	)		(93	)		(22	)		(41	)		(123	)


Total Investment Income		2,265			2,028			2,163			2,286			4,998			10,884


Expenses

Investment advisory fees		3,483			1,205			1,014			2,095			4,944			11,626

Shareholder servicing fees		367			127			113			233			549			1,292

Administration and accounting fees		299			127			113			220			361			484

Custodian fees		33			22			32			30			154			151

Distribution fees		901			6			18			97			773			599

Audit and legal fees		19			7			6			12			29			83

Trustees’ fees		13			6			7			10			19			37

Interest expenses		3			5			1			3			—			11

Miscellaneous expenses		3			16			9			10			24			26


Total Expenses		5,121			1,521			1,313			2,710			6,853			14,309

Less: Advisory fee waivers and expense reimbursements		—			—			—			—			—			(147	)

Less: Fees paid indirectly		(901	)		(6	)		(18	)		(97	)		(773	)		(599	)


Net Expenses		4,220			1,515			1,295			2,613			6,080			13,563


Net Investment Income (Loss)		(1,955	)		513			868			(327	)		(1,082	)		(2,679	)


Realized and Unrealized Gain (Loss) on Investments

Net realized gain (loss) on:

Securities transactions		32,944			(5,063	)		393			(17,958	)		60,324			13,330

Foreign currency transactions		—			(2	)		(13	)		—			(7	)		(506	)

Futures transactions		—			—			—			—			—			—

Written option transactions		—			—			—			—			—			—

Swap agreement transactions		—			—			—			—			—			—


Net realized gain (loss)		32,944			(5,065	)		380			(17,958	)		60,317			12,824


Net change in unrealized appreciation (depreciation) on:

Securities		76,563			43,075			32,881			68,385			52,295			346,172

Futures contracts		—			—			—			—			—			—

Written option contracts		—			—			—			—			—			—

Swap Agreements		—			—			—			—			—			—

Foreign currencies translation		—			—			—			—			2			(261	)

Unrealized foreign cap gain tax on appreciated securities		—			—			—			—			—			—


Net change in unrealized appreciation (depreciation)		76,563			43,075			32,881			68,385			52,297			345,911


Net gain on investments		109,507			38,010			33,261			50,427			112,614			358,735


Net Increase in Net Assets Resulting from Operations	$	107,552		$	38,523		$	34,129		$	50,100		$	111,532		$	356,056

See Notes to Financial Statements.

260





Portfolio

AST Goldman Sachs Concentrated Growth			AST DeAM Large-Cap Growth			AST DeAM Large-Cap Value			AST Alliance/ Bernstein Growth + Value			AST Sanford Bernstein Core Value			AST Cohen & Steers Realty			AST Sanford Bernstein Managed Index 500			AST American Century Income & Growth



$	41		$	19		$	24		$	—		$	—		$	—		$	—		$	36

	8,097			719			2,323			744			4,881			14,210			8,201			6,188

	184			19			19			11			36			24			48			46

	—			—			—			(1	)		(3	)		(24	)		(2	)		—


	8,322			757			2,366			754			4,914			14,210			8,247			6,270




	10,103			677			949			411			1,450			2,135			2,736			1,916

	1,123			80			112			46			193			214			456			256

	467			80			112			47			187			204			167			233

	152			22			23			7			29			35			80			77

	641			—			—			—			294			27			281			—

	66			4			6			3			10			12			28			15

	36			6			6			5			9			8			15			10

	26			—			—			—			24			—			10			8

	53			8			9			6			12			7			42			15


	12,667			877			1,217			525			2,208			2,642			3,815			2,530

	(761	)		(88	)		(112	)		—			—			—			—			—

	(641	)		—			—			—			(294	)		(27	)		(281	)		—


	11,265			789			1,105			525			1,914			2,615			3,534			2,530


	(2,943	)		(32	)		1,261			229			3,000			11,595			4,713			3,740






	(16,368	)		4,448			1,892			(859	)		5,741			4,077			(22,904	)		(14,942	)

	—			—			—			—			—			—			—			—

	—			701			727			—			—			—			—			232

	—			—			—			—			—			—			—			—

	—			—			—			—			—			—			—			—


	(16,368	)		5,149			2,619			(859	)		5,741			4,077			(22,904	)		(14,710	)




	267,349			16,909			22,471			11,295			41,119			53,525			129,068			74,364

	—			235			292			—			—			—			—			119

	—			—			—			—			—			—			—			—

	—			—			—			—			—			—			—			—

	—			—			—			—			—			—			—			—

	—			—			—			—			—			—			—			—


	267,349			17,144			22,763			11,295			41,119			53,525			129,068			74,483


	250,981			22,293			25,382			10,436			46,860			57,602			106,164			59,773


$	248,038		$	22,261		$	26,643		$	10,665		$	49,860		$	69,197		$	110,877		$	63,513

261

American Skandia Trust

Statements of Operations (CONTINUED)

For the Year Ended December 31, 2003

(Amounts in thousands)




	Portfolio

	AST Alliance Growth and Income			AST MFS Growth with Income			AST INVESCO Capital Income			AST DeAM Global Allocation			AST American Century Strategic Balanced		AST T. Rowe Price Asset Allocation

Investment Income

Interest	$	6		$	28		$	5,046		$	14		$	3,227	$	4,756

Dividends		25,835			1,429			9,998			3,216			2,084		4,071

Security Lending		137			12			58			—			45		36

Foreign taxes withheld		(121	)		(13	)		(71	)		—			—		(147	)


Total Investment Income		25,857			1,456			15,031			3,230			5,356		8,716


Expenses

Investment advisory fees		10,173			795			4,631			266			1,696		2,500

Shareholder servicing fees		1,356			88			617			—			200		294

Administration and accounting fees		490			88			378			46			196		257

Custodian fees		147			55			73			17			74		108

Distribution fees		1,030			—			257			—			—		—

Audit and legal fees		84			5			35			15			12		18

Trustees’ fees		40			6			21			11			8		11

Interest expenses		12			1			2			—			—		—

Miscellaneous expenses		28			11			20			10			32		104


Total Expenses		13,360			1,049			6,034			365			2,218		3,292

Less: Advisory fee waivers and expense reimbursements		(178	)		—			—			—			—		—

Less: Fees paid indirectly		(1,030	)		—			(257	)		—			—		—


Net Expenses		12,152			1,049			5,777			365			2,218		3,292


Net Investment Income (Loss)		13,705			407			9,254			2,865			3,138		5,424


Realized and Unrealized Gain (Loss) on Investments

Net realized gain (loss) on:

Securities transactions		6,271			(1,284	)		23,922			(7,922	)		1,301		(2,752	)

Foreign currency transactions		—			(5	)		—			—			51		(23	)

Futures transactions		—			—			—			—			363		—

Written option transactions		—			—			—			—			—		—

Swap agreement transactions		—			—			—			—			—		—


Net realized gain (loss)		6,271			(1,289	)		23,922			(7,922	)		1,715		(2,775	)


Net change in unrealized appreciation (depreciation) on:

Securities		360,636			18,512			77,110			51,800			29,732		61,788

Futures contracts		—			—			—			—			100		—

Written option contracts		—			—			—			—			—		—

Swap Agreements		—			—			—			—			—		—

Foreign currencies translation		—			3			—			—			—		3

Unrealized foreign cap gain tax on appreciated securities		—			—			—			—			—		—


Net change in unrealized appreciation (depreciation)		360,636			18,515			77,110			51,800			29,832		61,791


Net gain on investments		366,907			17,226			101,032			43,878			31,547		59,016


Net Increase in Net Assets Resulting from Operations	$	380,612		$	17,633		$	110,286		$	46,743		$	34,685	$	64,440

See Notes to Financial Statements.

262





Portfolio

AST T. Rowe Price Global Bond			AST Federated High Yield			AST Lord Abbett Bond- Debenture		AST DeAM Bond			AST PIMCO Total Return Bond			AST PIMCO Limited Maturity Bond			AST Money Market



$	7,929		$	64,298		$	13,951	$	4,990		$	81,569		$	31,404		$	30,359

	2			902			678		—			297			149			3

	—			—			47		7			—			—			—

	(4	)		—			—		—			—			—			—


	7,927			65,200			14,676		4,997			81,866			31,553			30,362




	1,748			5,757			1,596		1,079			14,633			7,267			12,457

	218			768			200		127			2,251			1,118			2,491

	211			408			196		127			580			467			302

	55			95			30		23			339			157			293

	—			—			—		—			—			—			—

	13			48			12		7			139			65			133

	10			25			9		7			70			35			78

	1			21			11		—			—			2			—

	50			46			31		21			102			47			70


	2,306			7,168			2,085		1,391			18,114			9,158			15,824

	—			—			—		(190	)		(626	)		—			(1,246	)

	—			—			—		—			—			—			—


	2,306			7,168			2,085		1,201			17,488			9,158			14,578


	5,621			58,032			12,591		3,796			64,378			22,395			15,784






	4,782			(19,649	)		5,071		3,125			29,224			12,319			1

	9,046			—			—		—			2,807			1,712			—

	(339	)		—			—		—			11,947			6,527			—

	(5	)		—			—		—			8,053			—			—

	—			—			—		—			(8,289	)		414			—


	13,484			(19,649	)		5,071		3,125			43,742			20,972			1




	6,628			108,668			16,562		(2,046	)		5,836			(3,884	)		—

	166			—			—		—			(6,348	)		(2,319	)		—

	30			—			—		—			3,126			97			—

	—			—			—		—			3,154			(1,262	)		—

	(598	)		—			—		—			(130	)		299			—

	—			—			—		—			—			—			—


	6,226			108,668			16,562		(2,046	)		5,638			(7,069	)		—


	19,710			89,019			21,633		1,079			49,380			13,903			1


$	25,331		$	147,051		$	34,224	$	4,875		$	113,758		$	36,298		$	15,785

263

American Skandia Trust

Statements of Changes in Net Assets

(Amounts in thousands)




	Portfolio

	AST Strong International Equity						AST William Blair International Growth
	Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002

From Operations

Net investment income (loss)	$	3,599		$	3,158		$	1,711		$	1,776

Net realized gain (loss) on investments		(8,431	)		(46,656	)		12,025			(162,815	)

Net change in unrealized appreciation (depreciation) on investments		103,597			(29,826	)		119,096			32,074


Net Increase (Decrease) in Net Assets from Operations		98,765			(73,324	)		132,832			(128,965	)


Dividends and Distributions to Shareholders

Dividends to shareholders from net investment income		(2,688	)		(2,561	)		—			(18,118	)

Distributions to shareholders from capital gains		—			—			—			—

Return of capital		—			—			—			—


Total Dividends and Distributions to Shareholders		(2,688	)		(2,561	)		—			(18,118	)


Capital Share Transactions

Proceeds from shares sold		265,111			439,655			332,531			32,772

Net asset value of shares issued in reinvestment of dividends and distributions		2,688			2,561			—			18,118

Net asset value of shares issued in merger		—			—			—			—

Cost of shares redeemed		(341,029	)		(494,410	)		(142,646	)		(172,352	)


Increase (Decrease) in Net Assets from Capital Share Transactions		(73,230	)		(52,194	)		189,885			(121,462	)


Total Increase (Decrease) in Net Assets		22,847			(128,079	)		322,717			(268,545	)

Net Assets

Beginning of Year		316,192			444,271			318,832			587,377


End of Year(a)	$	339,039		$	316,192		$	641,549		$	318,832


(a) Includes Undistributed Net Investment Income of:	$	3,591		$	—		$	1,091		$	12,879


Shares Issued and Redeemed

Shares sold		20,500			32,826			35,496			4,092

Shares issued in reinvestment of dividends and distributions		236			184			—			1,925

Shares issued in merger		—			—			—			—

Shares redeemed		(25,177	)		(36,613	)		(16,834	)		(19,775	)


Net Increase (Decrease) in Shares Outstanding		(4,441	)		(3,603	)		18,662			(13,758	)

See Notes to Financial Statements.

264





Portfolio

AST American Century International Growth						AST DeAM International Equity						AST MFS Global Equity
Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002



$	2,201		$	3,374		$	1,726		$	875		$	240		$	155

	11,595			(93,520	)		6,045			(15,170	)		(734	)		(5,759	)

	65,372			(6,360	)		35,351			(14,799	)		19,985			(3,827	)


	79,168			(96,506	)		43,122			(29,094	)		19,491			(9,431	)




	(5,697	)		—			(787	)		—			(122	)		(7	)

	—			—			—			—			—			—

	(474	)		—			—			—			—			—


	(6,171	)		—			(787	)		—			(122	)		(7	)




	414,217			578,484			144,253			150,379			47,813			62,221

	6,171			—			787			—			122			7

	—			4,251			—			—			—			—

	(489,056	)		(630,357	)		(144,320	)		(147,272	)		(24,533	)		(48,505	)


	(68,668	)		(47,622	)		720			3,107			23,402			13,723


	4,329			(144,128	)		43,055			(25,987	)		42,771			4,285



	373,998			518,126			129,004			154,991			60,167			55,882


$	378,327		$	373,998		$	172,059		$	129,004		$	102,938		$	60,167


$	—		$	2,725		$	2,441		$	40		$	212		$	120




	41,898			53,404			16,125			15,649			5,417			7,272

	700			—			103			—			16			1

	—			350			—			—			—			—

	(49,262	)		(58,170	)		(16,185	)		(15,602	)		(2,841	)		(5,897	)


	(6,664	)		(4,416	)		43			47			2,592			1,376

265

American Skandia Trust

Statements of Changes in Net Assets (CONTINUED)

(Amounts in thousands)




	Portfolio

	AST PBHG Small-Cap Growth						AST DeAM Small-Cap Growth
	Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002

From Operations

Net investment income (loss)	$	(1,825	)	$	(2,583	)	$	(651	)	$	(486	)

Net realized gain (loss) on investments		18,186			(81,726	)		51,185			(101,504	)

Net change in unrealized appreciation (depreciation) on investments		85,576			(69,335	)		79,920			(33,577	)


Net Increase (Decrease) in Net Assets from Operations		101,937			(153,644	)		130,454			(135,567	)


Dividends and Distributions to Shareholders

Dividends to shareholders from net investment income		—			—			—			—

Distributions to shareholders from capital gains		—			—			—			—


Total Dividends and Distributions to Shareholders		—			—			—			—


Capital Share Transactions

Proceeds from shares sold		315,266			644,310			168,312			896,258

Net asset value of shares issued in reinvestment of dividends and distributions		—			—			—			—

Net asset value of shares issued in merger		—			—			—			—

Cost of shares redeemed		(333,038	)		(731,540	)		(188,633	)		(1,004,718	)


Increase (Decrease) in Net Assets from Capital Share Transactions		(17,772	)		(87,230	)		(20,321	)		(108,460	)


Total Increase (Decrease) in Net Assets		84,165			(240,874	)		110,133			(244,027	)

Net Assets

Beginning of Year		254,026			494,900			293,297			537,324


End of Year(a)	$	338,191		$	254,026		$	403,430		$	293,297


(a) Includes Undistributed Net Investment Income of:	$	—		$	—		$	133		$	—


Shares Issued and Redeemed

Shares sold		25,415			52,000			27,139			139,297

Shares issued in reinvestment of dividends and distributions		—			—			—			—

Shares issued in merger		—			—			—			—

Shares redeemed		(27,462	)		(58,780	)		(31,039	)		(158,925	)


Net Increase (Decrease) in Shares Outstanding		(2,047	)		(6,780	)		(3,900	)		(19,628	)

See Notes to Financial Statements.

266





Portfolio

AST Federated Aggressive Growth						AST Goldman Sachs Small-Cap Value						AST Gabelli Small-Cap Value
Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002



$	(990	)	$	(282	)	$	1,218		$	2,938		$	198		$	1,050

	13,170			(5,855	)		14,465			(10,779	)		6,056			(13,488	)

	40,159			(5,430	)		87,538			(41,829	)		170,461			(42,426	)


	52,339			(11,567	)		103,221			(49,670	)		176,715			(54,864	)




	—			—			(2,448	)		(1,944	)		(998	)		(2,310	)

	—			(234	)		—			(43,887	)		—			(8,534	)


	—			(234	)		(2,448	)		(45,831	)		(998	)		(10,844	)




	223,260			94,763			24,078			450,476			296,682			628,656

	—			234			2,448			45,831			998			10,844

	—			—			—			—			—			—

	(127,106	)		(93,613	)		(98,958	)		(518,216	)		(200,051	)		(611,201	)


	96,154			1,384			(72,432	)		(21,909	)		97,629			28,299


	148,493			(10,417	)		28,341			(117,410	)		273,346			(37,409	)



	39,072			49,489			315,101			432,511			501,070			538,479


$	187,565		$	39,072		$	343,442		$	315,101		$	774,416		$	501,070


$	—		$	—		$	1,233		$	2,725		$	491		$	1,420




	32,404			15,801			1,550			29,753			22,212			50,486

	—			37			200			3,216			91			857

	—			—			—			—			—			—

	(18,312	)		(15,010	)		(7,105	)		(36,463	)		(16,208	)		(49,318	)


	14,092			828			(5,355	)		(3,494	)		6,095			2,025

267

American Skandia Trust

Statements of Changes in Net Assets (CONTINUED)

(Amounts in thousands)




	Portfolio

	AST DeAM Small-Cap Value(2)						AST Goldman Sachs Mid-Cap Growth
	Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002

From Operations

Net investment income (loss)	$	152		$	27		$	(507	)	$	(387	)

Net realized gain (loss) on investments		4,966			(2,156	)		5,797			(24,937	)

Net change in unrealized appreciation (depreciation) on investments		4,356			(138	)		21,374			3,843


Net Increase (Decrease) in Net Assets from Operations		9,474			(2,267	)		26,664			(21,481	)


Dividends and Distributions to Shareholders

Dividends to shareholders from net investment income		(20	)		—			—			—

Distributions to shareholders from capital gains		—			—			—			—


Total Dividends and Distributions to Shareholders		(20	)		—			—			—


Capital Share Transactions

Proceeds from shares sold		66,691			38,578			87,874			61,224

Net asset value of shares issued in reinvestment of dividends and distributions		20			—			—			—

Net asset value of shares issued in merger		—			—			—			—

Cost of shares redeemed		(37,604	)		(22,892	)		(15,362	)		(49,409	)


Increase (Decrease) in Net Assets from Capital Share Transactions		29,107			15,686			72,512			11,815


Total Increase (Decrease) in Net Assets		38,561			13,419			99,176			(9,666	)

Net Assets

Beginning of Year		13,419			—			61,373			71,039


End of Year(a)	$	51,980		$	13,419		$	160,549		$	61,373


(a) Includes Undistributed Net Investment Income of:	$	148		$	25		$	—		$	—


Shares Issued and Redeemed

Shares sold		6,932			4,512			26,125			18,370

Shares issued in reinvestment of dividends and distributions		3			—			—			—

Shares issued in merger		—			—			—			—

Shares redeemed		(3,983	)		(2,781	)		(5,080	)		(14,928	)


Net Increase (Decrease) in Shares Outstanding		2,952			1,731			21,045			3,442

(2) Commenced operations on May 1, 2002.

See Notes to Financial Statements.

268





Portfolio

AST Neuberger Berman Mid-Cap Growth						AST Neuberger Berman Mid-Cap Value						AST Alger All-Cap Growth
Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002



$	(2,583	)	$	(3,218	)	$	1,182		$	1,894		$	(1,955	)	$	(3,411	)

	21,579			(138,989	)		49,679			(19,244	)		32,944			(172,189	)

	62,915			(10,992	)		206,834			(95,009	)		76,563			(55,589	)


	81,911			(153,199	)		257,695			(112,359	)		107,552			(231,189	)




	—			—			(1,718	)		(4,849	)		—			—

	—			—			—			(45,689	)		—			—


	—			—			(1,718	)		(50,538	)		—			—




	223,431			552,946			177,071			531,525			149,225			94,410

	—			—			1,718			50,538			—			—

	—			—			—			—			—			—

	(232,790	)		(630,869	)		(168,365	)		(661,227	)		(177,558	)		(282,994	)


	(9,359	)		(77,923	)		10,424			(79,164	)		(28,333	)		(188,584	)


	72,552			(231,122	)		266,401			(242,061	)		79,219			(419,773	)



	287,458			518,580			760,973			1,003,034			323,286			743,059


$	360,010		$	287,458		$	1,027,374		$	760,973		$	402,505		$	323,286


$	—		$	—		$	1,176		$	1,176		$	—		$	—




	21,029			48,835			11,611			36,590			35,494			20,702

	—			—			136			3,399			—			—

	—			—			—			—			—			—

	(22,258	)		(56,239	)		(12,191	)		(46,925	)		(42,692	)		(62,769	)


	(1,229	)		(7,404	)		(444	)		(6,936	)		(7,198	)		(42,067	)

269

American Skandia Trust

Statements of Changes in Net Assets (CONTINUED)

(Amounts in thousands)




	Portfolio

	AST Gabelli All-Cap Value(3)						AST T. Rowe Price Natural Resources
	Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002

From Operations

Net investment income (loss)	$	513		$	880		$	868		$	796

Net realized gain (loss) on investments		(5,065	)		(21,890	)		380			1,512

Net change in unrealized appreciation (depreciation) on investments		43,075			(16,645	)		32,881			(14,607	)


Net Increase (Decrease) in Net Assets from Operations		38,523			(37,655	)		34,129			(12,299	)


Dividends and Distributions to Shareholders

Dividends to shareholders from net investment income		(880	)		(977	)		(1,611	)		(2,339	)

Distributions to shareholders from capital gains		—			—			(2,249	)		(5,243	)


Total Dividends and Distributions to Shareholders		(880	)		(977	)		(3,860	)		(7,582	)


Capital Share Transactions

Proceeds from shares sold		175,384			105,599			63,090			156,021

Net asset value of shares issued in reinvestment of dividends and distributions		880			977			3,860			7,582

Net asset value of shares issued in merger		—			4,155			—			—

Cost of shares redeemed		(145,590	)		(117,428	)		(49,045	)		(156,586	)


Increase (Decrease) in Net Assets from Capital Share Transactions		30,674			(6,697	)		17,905			7,017


Total Increase (Decrease) in Net Assets		68,317			(45,329	)		48,174			(12,864	)

Net Assets

Beginning of Year		113,557			158,886			122,686			135,550


End of Year(a)	$	181,874		$	113,557		$	170,860		$	122,686


(a) Includes Undistributed Net Investment Income of:	$	511		$	880		$	1,878		$	359


Shares Issued and Redeemed

Shares sold		19,789			12,017			4,117			10,655

Shares issued in reinvestment of dividends and distributions		119			103			305			516

Shares issued in merger		—			426			—			—

Shares redeemed		(17,129	)		(14,039	)		(3,675	)		(11,091	)


Net Increase (Decrease) in Shares Outstanding		2,779			(1,493	)		747			80

(3) Acquired AST Kinetics Internet on May 3, 2002.

See Notes to Financial Statements.

270





Portfolio

AST Alliance Growth						AST MFS Growth						AST Marsico Capital Growth
Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002



$	(327	)	$	(1,059	)	$	(1,082	)	$	(2,033	)	$	(2,679	)	$	(3,450	)

	(17,958	)		(98,412	)		60,317			(191,140	)		12,824			(105,228	)

	68,385			(36,148	)		52,297			(58,810	)		345,911			(92,282	)


	50,100			(135,619	)		111,532			(251,983	)		356,056			(200,960	)




	—			—			—			—			—			—

	—			—			—			—			—			—


	—			—			—			—			—			—




	82,965			241,193			90,882			237,845			585,871			856,350

	—			—			—			—			—			—

	—			—			—			—			—			—

	(136,499	)		(318,068	)		(135,192	)		(434,174	)		(312,447	)		(826,716	)


	(53,534	)		(76,875	)		(44,310	)		(196,329	)		273,424			29,634


	(3,434	)		(212,494	)		67,222			(448,312	)		629,480			(171,326	)



	240,490			452,984			526,085			974,397			1,081,101			1,252,427


$	237,056		$	240,490		$	593,307		$	526,085		$	1,710,581		$	1,081,101


$	—		$	—		$	—		$	—		$	—		$	—




	11,735			30,274			13,931			33,492			43,296			63,902

	—			—			—			—			—			—

	—			—			—			—			—			—

	(18,959	)		(40,983	)		(21,236	)		(62,727	)		(24,719	)		(61,914	)


	(7,224	)		(10,709	)		(7,305	)		(29,235	)		18,577			1,988

271

American Skandia Trust

Statements of Changes in Net Assets (CONTINUED)

(Amounts in thousands)




	Portfolio

	AST Goldman Sachs Concentrated Growth						AST DeAM Large-Cap Growth(2)
	Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002

From Operations

Net investment income (loss)	$	(2,943	)	$	3,828		$	(32	)	$	36

Net realized gain (loss) on investments		(16,368	)		(327,562	)		5,149			(15,065	)

Net change in unrealized appreciation (depreciation) on investments		267,349			(338,158	)		17,144			(8,132	)


Net Increase (Decrease) in Net Assets from Operations		248,038			(661,892	)		22,261			(23,161	)


Dividends and Distributions to Shareholders

Dividends to shareholders from net investment income		(3,837	)		(13,673	)		(36	)		—

Distributions to shareholders from capital gains		—			—			—			—


Total Dividends and Distributions to Shareholders		(3,837	)		(13,673	)		(36	)		—


Capital Share Transactions

Proceeds from shares sold		185,939			332,030			31,765			111,209

Net asset value of shares issued in reinvestment of dividends and distributions		3,837			13,673			36			—

Net asset value of shares issued in merger		—			—			—			—

Cost of shares redeemed		(430,389	)		(975,258	)		(33,229	)		(11,374	)


Increase (Decrease) in Net Assets from Capital Share Transactions		(240,613	)		(629,555	)		(1,428	)		99,835


Total Increase (Decrease) in Net Assets		3,588			(1,305,120	)		20,797			76,674

Net Assets

Beginning of Year		1,147,612			2,452,732			76,674			—


End of Year(a)	$	1,151,200		$	1,147,612		$	97,471		$	76,674


(a) Includes Undistributed Net Investment Income of:	$	—		$	3,486		$	—		$	36


Shares Issued and Redeemed

Shares sold		10,352			17,052			3,491			11,311

Shares issued in reinvestment of dividends and distributions		247			636			5			—

Shares issued in merger		—			—			—			—

Shares redeemed		(24,061	)		(51,343	)		(3,874	)		(1,405	)


Net Increase (Decrease) in Shares Outstanding		(13,462	)		(33,655	)		(378	)		9,906

(2) Commenced operations on May 1, 2002.

See Notes to Financial Statements.

272





Portfolio

AST DeAM Large-Cap Value						AST Alliance/Bernstein Growth + Value						AST Sanford Bernstein Core Value
Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002



$	1,261		$	921		$	229		$	202		$	3,000		$	1,345

	2,619			(20,465	)		(859	)		(4,288	)		5,741			(2,326	)

	22,763			(7,711	)		11,295			(6,160	)		41,119			(11,566	)



	26,643			(27,255	)		10,665			(10,246	)		49,860			(12,547	)




	(899	)		(162	)		(202	)		(39	)		(1,345	)		(154	)

	—			—			—			(160	)		—			—


	(899	)		(162	)		(202	)		(199	)		(1,345	)		(154	)




	31,356			162,049			49,406			36,054			171,734			231,272

	899			162			202			199			1,345			154

	—			—			—			—			—			—

	(34,172	)		(70,157	)		(28,299	)		(27,750	)		(228,223	)		(63,649	)


	(1,917	)		92,054			21,309			8,503			(55,144	)		167,777


	23,827			64,637			31,772			(1,942	)		(6,629	)		155,076



	109,994			45,357			32,065			34,007			199,176			44,100


$	133,821		$	109,994		$	63,837		$	32,065		$	192,547		$	199,176


$	1,235		$	905		$	229		$	202		$	3,000		$	1,345




	3,647			17,259			6,109			4,380			18,419			25,297

	121			17			29			22			163			15

	—			—			—			—			—			—

	(4,200	)		(8,135	)		(3,530	)		(3,480	)		(24,050	)		(6,950	)


	(432	)		9,141			2,608			922			(5,468	)		18,362

273

American Skandia Trust

Statements of Changes in Net Assets (CONTINUED)

(Amounts in thousands)




	Portfolio

	AST Cohen & Steers Realty						AST Sanford Bernstein Managed Index 500
	Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002

From Operations

Net investment income (loss)	$	11,595		$	9,569		$	4,713		$	5,477

Net realized gain (loss) on investments		4,077			1,585			(22,904	)		(68,866	)

Net change in unrealized appreciation (depreciation) on investments		53,525			(13,242	)		129,068			(68,076	)


Net Increase (Decrease) in Net Assets from Operations		69,197			(2,088	)		110,877			(131,465	)


Dividends and Distributions to Shareholders

Dividends to shareholders from net investment income		(6,936	)		(4,940	)		(5,460	)		(5,999	)

Distributions to shareholders from capital gains		(4,038	)		—			—			—


Total Dividends and Distributions to Shareholders		(10,974	)		(4,940	)		(5,460	)		(5,999	)


Capital Share Transactions

Proceeds from shares sold		125,403			203,643			356,927			479,306

Net asset value of shares issued in reinvestment of dividends and distributions		10,974			4,940			5,460			5,999

Net asset value of shares issued in merger		—			—			—			—

Cost of shares redeemed		(82,618	)		(163,666	)		(367,481	)		(530,035	)


Increase (Decrease) in Net Assets from Capital Share Transactions		53,759			44,917			(5,094	)		(44,730	)


Total Increase (Decrease) in Net Assets		111,982			37,889			100,323			(182,194	)

Net Assets

Beginning of Year		177,520			139,631			441,169			623,363


End of Year(a)	$	289,502		$	177,520		$	541,492		$	441,169


(a) Includes Undistributed Net Investment Income of:	$	12,322		$	10,001		$	4,634		$	5,462


Shares Issued and Redeemed

Shares sold		11,468			19,473			37,790			49,475

Shares issued in reinvestment of dividends and distributions		1,194			495			661			559

Shares issued in merger		—			—			—			—

Shares redeemed		(7,907	)		(16,108	)		(39,585	)		(55,566	)


Net Increase (Decrease) in Shares Outstanding		4,755			3,860			(1,134	)		(5,532	)

See Notes to Financial Statements.

274





Portfolio

AST American Century Income & Growth						AST Alliance Growth and Income						AST MFS Growth with Income
Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002



$	3,740		$	3,261		$	13,705		$	15,218		$	407		$	336

	(14,710	)		(46,649	)		6,271			(272,116	)		(1,289	)		(17,282	)

	74,483			(30,667	)		360,636			(177,457	)		18,515			(7,982	)


	63,513			(74,055	)		380,612			(434,355	)		17,633			(24,928	)




	(3,199	)		(3,169	)		(15,226	)		(13,117	)		(325	)		(421	)

	—			—			—			(83,418	)		—			—


	(3,199	)		(3,169	)		(15,226	)		(96,535	)		(325	)		(421	)




	89,195			154,389			593,298			366,063			25,986			80,221

	3,199			3,169			15,226			96,535			325			421

	—			—			—			—			—			—

	(106,020	)		(195,951	)		(307,079	)		(637,240	)		(21,823	)		(76,464	)


	(13,626	)		(38,393	)		301,445			(174,642	)		4,488			4,178


	46,688			(115,617	)		666,831			(705,532	)		21,796			(21,171	)



	259,122			374,739			1,169,698			1,875,230			87,543			108,714


$	305,810		$	259,122		$	1,836,529		$	1,169,698		$	109,339		$	87,543


$	3,640		$	3,210		$	13,691		$	15,212		$	401		$	329




	8,664			15,113			38,000			23,119			3,404			10,627

	362			278			1,186			5,716			49			49

	—			—			—			—			—			—

	(10,968	)		(19,524	)		(21,658	)		(42,917	)		(3,069	)		(10,289	)


	(1,942	)		(4,133	)		17,528			(14,082	)		384			387

275

American Skandia Trust

Statements of Changes in Net Assets (CONTINUED)

(Amounts in thousands)




	Portfolio

	AST INVESCO Capital Income						AST DeAM Global Allocation
	Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002

From Operations

Net investment income (loss)	$	9,254		$	15,172		$	2,865		$	3,437

Net realized gain (loss) on investments		23,922			(87,292	)		(7,922	)		(44,273	)

Net change in unrealized appreciation (depreciation) on investments		77,110			(96,725	)		51,800			(27,927	)


Net Increase (Decrease) in Net Assets from Operations		110,286			(168,845	)		46,743			(68,763	)


Dividends and Distributions to Shareholders

Dividends to shareholders from net investment income		(15,176	)		(24,256	)		(3,336	)		(14,493	)

Distributions to shareholders from capital gains		—			—			—			—


Total Dividends and Distributions to Shareholders		(15,176	)		(24,256	)		(3,336	)		(14,493	)


Capital Share Transactions

Proceeds from shares sold		105,728			259,526			8,947			35,694

Net asset value of shares issued in reinvestment of dividends and distributions		15,176			24,256			3,336			14,493

Net asset value of shares issued in merger		—			—			—			—

Cost of shares redeemed		(236,435	)		(459,217	)		(75,244	)		(163,728	)


Increase (Decrease) in Net Assets from Capital Share Transactions		(115,531	)		(175,435	)		(62,961	)		(113,541	)


Total Increase (Decrease) in Net Assets		(20,421	)		(368,536	)		(19,554	)		(196,797	)

Net Assets

Beginning of Year		660,533			1,029,069			284,362			481,159


End of Year(a)	$	640,112		$	660,533		$	264,808		$	284,362


(a) Includes Undistributed Net Investment Income of:	$	9,247		$	15,087		$	2,860		$	2,248


Shares Issued and Redeemed

Shares sold		8,214			18,388			920			3,428

Shares issued in reinvestment of dividends and distributions		1,295			1,614			370			1,358

Shares issued in merger		—			—			—			—

Shares redeemed		(18,448	)		(33,390	)		(7,688	)		(16,469	)


Net Increase (Decrease) in Shares Outstanding		(8,939	)		(13,388	)		(6,398	)		(11,683	)

See Notes to Financial Statements.

276





Portfolio

AST American Century Strategic Balanced						AST T. Rowe Price Asset Allocation						AST T. Rowe Price Global Bond
Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002



$	3,138		$	4,190		$	5,424		$	7,055		$	5,621		$	4,607

	1,715			(20,149	)		(2,775	)		(13,328	)		13,484			4,819

	29,832			(6,290	)		61,791			(26,318	)		6,226			11,526


	34,685			(22,249	)		64,440			(32,591	)		25,331			20,952




	(4,191	)		(4,499	)		(7,113	)		(8,650	)		(7,342	)		—

	—			—			—			(11,079	)		(394	)		—


	(4,191	)		(4,499	)		(7,113	)		(19,729	)		(7,736	)		—




	76,200			65,841			64,072			39,238			149,353			218,466

	4,191			4,499			7,113			19,729			7,736			—

	—			—			—			—			—			—

	(54,435	)		(74,946	)		(37,479	)		(70,319	)		(154,648	)		(137,838	)


	25,956			(4,606	)		33,706			(11,352	)		2,441			80,628


	56,450			(31,354	)		91,033			(63,672	)		20,036			101,580



	179,368			210,722			269,119			332,791			209,594			108,014


$	235,818		$	179,368		$	360,152		$	269,119		$	229,630		$	209,594


$	3,254		$	4,109		$	5,501		$	7,277		$	14,768		$	12,450




	6,455			5,746			4,550			2,937			13,142			21,071

	392			373			589			1,421			704			—

	—			—			—			—			—			—

	(4,698	)		(6,712	)		(2,819	)		(5,340	)		(13,761	)		(13,374	)


	2,149			(593	)		2,320			(982	)		85			7,697

277

American Skandia Trust

Statements of Changes in Net Assets (continued)

(Amounts in thousands)




	Portfolio

	AST Federated High Yield						AST Lord Abbett Bond-Debenture
	Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002

From Operations

Net investment income (loss)	$	58,032		$	48,254		$	12,591		$	6,806

Net realized gain (loss) on investments		(19,649	)		(90,040	)		5,071			(3,033	)

Net change in unrealized appreciation (depreciation) on investments		108,668			47,287			16,562			(773	)


Net Increase (Decrease) in Net Assets from Operations		147,051			5,501			34,224			3,000


Dividends and Distributions to Shareholders

Dividends to shareholders from net investment income		(48,256	)		(55,266	)		(6,806	)		(2,416	)

Distributions to shareholders from capital gains		—			—			—			—


Total Dividends and Distributions to Shareholders		(48,256	)		(55,266	)		(6,806	)		(2,416	)


Capital Share Transactions

Proceeds from shares sold		877,748			511,974			290,841			154,778

Net asset value of shares issued in reinvestment of dividends and distributions		48,256			55,266			6,806			2,416

Net asset value of shares issued in merger		—			—			—			—

Cost of shares redeemed		(732,729	)		(466,855	)		(143,592	)		(55,295	)


Increase (Decrease) in Net Assets from Capital Share Transactions		193,275			100,385			154,055			101,899


Total Increase (Decrease) in Net Assets		292,070			50,620			181,473			102,483

Net Assets

Beginning of Year		576,441			525,821			164,939			62,456


End of Year(a)	$	868,511		$	576,441		$	346,412		$	164,939


(a) Includes Undistributed Net Investment Income of:	$	58,029		$	48,253		$	12,612		$	6,807


Shares Issued and Redeemed

Shares sold		109,361			64,786			26,854			15,722

Shares issued in reinvestment of dividends and distributions		6,557			7,031			698			246

Shares issued in merger		—			—			—			—

Shares redeemed		(89,910	)		(58,095	)		(13,634	)		(5,572	)


Net Increase (Decrease) in Shares Outstanding		26,008			13,722			13,918			10,396

(2) Commenced operations on May 1, 2002.

See Notes to Financial Statements.

278





Portfolio

AST DeAM Bond(2)						AST PIMCO Total Return Bond						AST PIMCO Limited Maturity Bond
Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002			Year Ended December 31, 2003			Year Ended December 31, 2002



$	3,796		$	3,194		$	64,378		$	76,593		$	22,395		$	24,002

	3,125			4,025			43,742			84,928			20,972			13,375

	(2,046	)		3,429			5,638			15,060			(7,069	)		13,777


	4,875			10,648			113,758			176,581			36,298			51,154




	(3,194	)		—			(81,938	)		(75,526	)		(23,901	)		(26,976	)

	(4,028	)		—			(84,016	)		(32,366	)		(14,225	)		(8,081	)


	(7,222	)		—			(165,954	)		(107,892	)		(38,126	)		(35,057	)




	43,632			204,175			614,483			1,114,509			524,101			764,837

	7,222			—			165,954			107,892			38,126			35,057

	—			—			—			—			—			—

	(64,361	)		(83,087	)		(875,377	)		(674,388	)		(613,318	)		(368,345	)


	(13,507	)		121,088			(94,940	)		548,013			(51,091	)		431,549


	(15,854	)		131,736			(147,136	)		616,702			(52,919	)		447,646



	131,736			—			2,255,048			1,638,346			1,058,843			611,197


$	115,882		$	131,736		$	2,107,912		$	2,255,048		$	1,005,924		$	1,058,843


$	4,310		$	3,194		$	85,392		$	78,694		$	32,678		$	23,254




	4,169			20,226			51,498			95,111			46,461			68,971

	703			—			14,356			9,423			3,432			3,234

	—			—			—			—			—			—

	(6,132	)		(7,993	)		(74,287	)		(57,738	)		(54,612	)		(33,140	)


	(1,260	)		12,233			(8,433	)		46,796			(4,719	)		39,065

279

American Skandia Trust

Statements of Changes in Net Assets (CONTINUED)

(Amounts in thousands)




	Portfolio

	AST Money Market
	Year Ended December 31, 2003			Year Ended December 31, 2002

From Operations

Net investment income (loss)	$	15,784		$	35,888

Net realized gain (loss) on investments		1			2

Net change in unrealized appreciation (depreciation) on investments		—			—


Net Increase (Decrease) in Net Assets from Operations		15,785			35,890


Dividends and Distributions to Shareholders

Dividends to shareholders from net investment income		(15,784	)		(35,888	)

Distributions to shareholders from capital gains		(2	)		(352	)


Total Dividends and Distributions to Shareholders		(15,786	)		(36,240	)


Capital Share Transactions

Proceeds from shares sold		5,378,148			9,251,249

Net asset value of shares issued in reinvestment of dividends and distributions		15,784			36,240

Net asset value of shares issued in merger		—			—

Cost of shares redeemed		(6,376,530	)		(9,194,516	)


Increase (Decrease) in Net Assets from Capital Share Transactions		(982,598	)		92,973


Total Increase (Decrease) in Net Assets		(982,599	)		92,623

Net Assets

Beginning of Year		2,744,716			2,652,093


End of Year(a)	$	1,762,117		$	2,744,716


(a) Includes Undistributed Net Investment Income of:	$	—		$	—


Shares Issued and Redeemed

Shares sold		5,378,148			9,251,252

Shares issued in reinvestment of dividends and distributions		15,784			36,240

Shares issued in merger		—			—

Shares redeemed		(6,376,530	)		(9,194,516	)


Net Increase (Decrease) in Shares Outstanding		(982,598	)		92,976

See Notes to Financial Statements.

280

[THIS PAGE INTENTIONALLY LEFT BLANK]

American Skandia Trust

Financial Highlights

Per Share Data (for a share outstanding throughout each period)


					Increase (Decrease) from Investment Operations									Less Distributions
Portfolio	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
AST Strong	12/31/03		$	12.22	$	0.14		$	3.56		$	3.70		$	(0.11	)	$	—		$	(0.11	)
International Equity	12/31/02			15.07		0.10			(2.87	)		(2.77	)		(0.08	)		—			(0.08	)
	12/31/01			22.03		0.08			(4.75	)		(4.67	)		(0.03	)		(2.26	)		(2.29	)
	12/31/00			34.23		0.22			(8.09	)		(7.87	)		(0.07	)		(4.26	)		(4.33	)
	12/31/99			22.67		0.05			13.36			13.41			—			(1.85	)		(1.85	)

AST William Blair	12/31/03		$	7.46	$	0.06		$	3.04		$	2.98		$	—		$	—		$	—
International Growth	12/31/02			10.39		0.11			(2.71	)		(2.60	)		(0.33	)		—			(0.33	)
	12/31/01			18.72		0.12			(3.73	)		(3.61	)		(0.82	)		(3.90	)		(4.72	)
	12/31/00			25.10		(0.04	)		(6.03	)		(6.07	)		(0.13	)		(0.18	)		(0.31	)
	12/31/99			13.74		(0.03	)		11.39			11.36			—			—			—

AST American Century	12/31/03		$	9.80	$	0.07		$	2.32		$	2.39		$	(0.18	)	$	—		$	(0.18	)
International Growth^(9)(10)	12/31/02			12.17		0.09			(2.46	)		(2.37	)		—			—			—
	12/31/01			18.16		0.13			(4.83	)		(4.70	)		(0.08	)		(1.21	)		(1.29	)
	12/31/00			22.40		0.03			(3.45	)		(3.42	)		—			(0.82	)		(0.82	)
	12/31/99			13.66		(0.04	)		8.88			8.84			—			(0.10	)		(0.10	)

AST DeAM	12/31/03		$	8.38	$	0.11		$	2.71		$	2.82		$	(0.05	)	$	—		$	(0.05	)
International Equity	12/31/02			10.10		0.06			(1.78	)		(1.72	)		—			—			—
	12/31/01			14.91		(0.01	)		(4.80	)		(4.81	)		—			—			—
	12/31/00			24.63		(0.07	)		(5.10	)		(5.17	)		—			(4.55	)		(4.55	)
	12/31/99			13.04		(0.07	)		11.72			11.65			(0.03	)		(0.03	)		(0.06	)

AST MFS	12/31/03		$	8.08	$	0.02		$	2.17		$	2.19		$	(0.02	)	$	—		$	(0.02	)
Global Equity	12/31/02			9.21		0.02			(1.15	)		(1.13	)		—			—			—
	12/31/01			10.23		—			(1.02	)		(1.02	)		—			—			—
	12/31/00			11.03		0.01			(0.79	)		(0.78	)		(0.01	)		(0.01	)		(0.02	)
	12/31/99	⁽³⁾		10.00		0.01			1.02			1.03			—			—			—

AST PBHG	12/31/03		$	10.41	$	(0.09	)	$	4.80		$	4.71		$	—		$	—		$	—
Small-Cap Growth	12/31/02			15.87		(0.13	)		(5.33	)		(5.46	)		—			—			—
	12/31/01			20.30		(0.07	)		(1.27	)		(1.34	)		—			(3.09	)		(3.09	)
	12/31/00			42.61		(0.22	)		(18.08	)		(18.30	)		—			(4.01	)		(4.01	)
	12/31/99			17.61		(0.03	)		25.03			25.00			—			—			—

See Notes to Financial Statements.

282



		Supplemental Data						Ratios of Expenses to Average Net Assets^(1)*
Net Asset Value End of Period		Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		After Advisory Fee Waiver and Expense Reimbursement		Before Advisory Fee Waiver and Expense Reimbursement		Ratio of Net Investment Income (Loss) to Average Net Assets⁽¹⁾
$	15.81	30.60	%	$	339,039	50	%	1.14	%	1.14	%	1.02	%
	12.22	(18.42	%)		316,192	50	%	1.21	%	1.21	%	0.84	%
	15.07	(22.75	%)		444,271	162	%	1.09	%	1.14	%	0.45	%
	22.03	(26.53	%)		637,131	86	%	1.16	%	1.16	%	0.63	%
	34.23	64.13	%		770,512	159	%	1.18	%	1.18	%	0.18	%

$	10.44	39.95	%	$	641,549	88	%	1.24	%	1.34	%	0.46	%
	7.46	(25.67	%)		318,832	94	%	1.32	%	1.32	%	0.41	%
	10.39	(23.55	%)		587,377	74	%	1.24	%	1.24	%	0.64	%
	18.72	(24.62	%)		1,094,019	75	%	1.18	%	1.19	%	(0.02	%)
	25.10	82.68	%		1,551,045	76	%	1.23	%	1.23	%	(0.18	%)

$	12.01	25.01	%	$	378,327	185	%	1.30	%	1.30	%	0.64	%
	9.80	(19.47	%)		373,998	236	%	1.25	%	1.25	%	0.73	%
	12.17	(27.27	%)		518,126	176	%	1.28	%	1.28	%	0.56	%
	18.16	(16.10	%)		332,504	126	%	1.27	%	1.27	%	(0.04	%)
	22.40	65.20	%		154,226	112	%	1.50	%	1.50	%	(0.32	%)

$	11.15	33.91	%	$	172,059	138	%	1.12	%	1.27	%	1.22	%
	8.38	(17.03	%)		129,004	354	%	1.34	%	1.44	%	0.59	%
	10.10	(32.21	%)		154,991	712	%	1.66	%	1.60	%	(0.07	%)
	14.91	(30.28	%)		276,037	514	%	1.34	%	1.38	%	(0.44	%)
	24.63	89.71	%		217,397	309	%	1.29	%	1.29	%	(0.54	%)

$	10.25	27.14	%	$	102,938	54	%	1.40	%	1.40	%	0.32	%
	8.08	(12.26	%)		60,167	74	%	1.41	%	1.41	%	0.25	%
	9.21	(9.97	%)		55,882	89	%	1.50	%	1.40	%	0.02	%
	10.23	(7.19	%)		29,514	100	%	1.56	%	1.87	%	0.08	%
	11.03	10.40	%		1,291	142	%	1.75	%	2.11	%	0.75	%

$	15.12	45.24	%	$	338,191	107	%	1.20	%	1.20	%	(0.65	%)
	10.41	(34.41	%)		254,026	123	%	1.23	%	1.23	%	(0.74	%)
	15.87	(6.47	%)		494,900	136	%	1.16	%	1.16	%	(0.51	%)
	20.30	(48.16	%)		592,038	85	%	1.07	%	1.07	%	(0.54	%)
	42.61	141.96	%		1,443,211	116	%	1.08	%	1.08	%	(0.46	%)

283

American Skandia Trust

Financial Highlights (continued)

Per Share Data (for a share outstanding throughout each period)


					Increase (Decrease) from Investment Operations									Less Distributions
Portfolio	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
AST DeAM	12/31/03		$	5.17	$	(0.01	)	$	2.47		$	2.46		$	—		$	—		$	—
Small-Cap Growth	12/31/02			7.03		(0.01	)		(1.85	)		(1.86	)		—			—			—
	12/31/01			11.72		(0.05	)		(2.95	)		(3.00	)		—			(1.69	)		(1.69	)
	12/31/00			15.59		(0.08	)		(2.90	)		(2.98	)		—			(0.89	)		(0.89	)
	12/31/99	⁽²⁾		10.00		(0.05	)		5.64			5.59			—			—			—

AST Federated	12/31/03		$	5.09	$	(0.05	)	$	3.57		$	3.52		$	—		$	—		$	—
Aggressive Growth	12/31/02			7.22		(0.04	)		(2.05	)		(2.09	)		—			(0.04	)		(0.04	)
	12/31/01			9.10		(0.03	)		(1.85	)		(1.88	)		—	^†		—			—	^†
	12/31/00	⁽⁶⁾		10.00		0.01			(0.91	)		(0.90	)		—			—			—

AST Goldman Sachs	12/31/03		$	12.96	$	0.08		$	5.19		$	5.27		$	(0.11	)	$	—		$	(0.11	)
Small-Cap Value	12/31/02			15.55		0.11			(1.21	)		(1.10	)		(0.06	)		(1.43	)		(1.49	)
	12/31/01			14.55		0.08			1.34			1.42			—			(0.42	)		(0.42	)
	12/31/00			10.87		0.01			3.67			3.68			—			—			—
	12/31/99			9.99		(0.03	)		0.91			0.88			—			—			—

AST Gabelli	12/31/03		$	11.59	$	0.01		$	4.13		$	4.14		$	(0.03	)	$	—		$	(0.03	)
Small-Cap Value	12/31/02			13.07		0.03			(1.23	)		(1.20	)		(0.06	)		(0.22	)		(0.28	)
	12/31/01			13.02		0.04			0.84			0.88			(0.07	)		(0.76	)		(0.83	)
	12/31/00			11.39		0.10			2.23			2.33			(0.07	)		(0.63	)		(0.70	)
	12/31/99			11.44		0.08			(0.03	)		0.05			(0.10	)		—			(0.10	)

AST DeAM	12/31/03		$	7.75	$	0.03		$	3.33		$	3.36		$	(0.01	)	$	—		$	(0.01	)
Small-Cap Value	12/31/02	⁽⁸⁾		10.00		0.02			(2.27	)		(2.25	)		—			—			—

AST Goldman Sachs	12/31/03		$	2.88	$	(0.01	)	$	0.92		$	0.91		$	—		$	—		$	—
Mid-Cap Growth	12/31/02			3.97		(0.02	)		(1.07	)		(1.09	)		—			—			—
	12/31/01			6.64		(0.03	)		(2.64	)		(2.67	)		—	^†		—			—	^†
	12/31/00	⁽⁵⁾		10.00		0.01			(3.37	)		(3.36	)		—			—			—

See Notes to Financial Statements.

284



		Supplemental Data						Ratios of Expenses to Average Net Assets⁽¹⁾^*
Net Asset Value End of Period		Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		After Advisory Fee Waiver and Expense Reimbursement		Before Advisory Fee Waiver and Expense Reimbursement		Ratio of Net Investment Income (Loss) to Average Net Assets⁽¹⁾
$	7.63	47.58	%	$	403,430	185	%	1.02	%	1.17	%	(0.19	%)
	5.17	(26.46	%)		293,297	132	%	1.00	%	1.15	%	(0.12	%)
	7.03	(28.43	%)		537,324	196	%	1.16	%	1.17	%	(0.64	%)
	11.72	(20.95	%)		791,839	136	%	1.11	%	1.13	%	(0.67	%)
	15.59	55.90	%		841,984	133	%	1.14	%	1.14	%	(0.67	%)

$	8.61	69.16	%	$	187,565	96	%	1.22	%	1.22	%	(0.99	%)
	5.09	(29.19	%)		39,072	250	%	1.35	%	1.38	%	(1.02	%)
	7.22	(20.61	%)		49,489	244	%	1.35	%	1.78	%	(0.84	%)
	9.10	(9.00	%)		1,938	49	%	1.35	%	7.22	%	2.67	%

$	18.12	41.08	%	$	343,442	67	%	1.26	%	1.26	%	0.40	%
	12.96	(7.93	%)		315,101	129	%	1.27	%	1.27	%	0.62	%
	15.55	9.91	%		432,511	159	%	1.18	%	1.18	%	0.69	%
	14.55	33.85	%		227,759	67	%	1.15	%	1.15	%	(0.13	%)
	10.87	8.81	%		74,192	85	%	1.24	%	1.24	%	(0.36	%)

$	15.70	35.78	%	$	774,416	26	%	1.10	%	1.10	%	0.04	%
	11.59	(9.38	%)		501,070	24	%	1.10	%	1.10	%	0.20	%
	13.07	6.98	%		538,479	59	%	1.08	%	1.08	%	0.54	%
	13.02	21.86	%		333,586	88	%	1.12	%	1.12	%	0.87	%
	11.39	0.58	%		261,493	26	%	1.11	%	1.11	%	0.64	%

$	11.10	43.46	%	$	51,980	193	%	1.15	%	1.36	%	0.62	%
	7.75	(22.50	%)		13,419	122	%	1.15	%	1.48	%	0.43	%

$	3.79	31.60	%	$	160,549	59	%	1.31	%	1.41	%	(0.54	%)
	2.88	(27.46	%)		61,373	162	%	1.31	%	1.33	%	(0.65	%)
	3.97	(40.17	%)		71,039	203	%	1.34	%	1.34	%	(0.63	%)
	6.64	(33.60	%)		65,098	55	%	1.28	%	1.28	%	0.18	%

285

American Skandia Trust

Financial Highlights (continued)

Per Share Data (for a share outstanding throughout each period)


					Increase (Decrease) from Investment Operations									Less Distributions
Portfolio	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
AST Neuberger Berman	12/31/03		$	9.39	$	(0.09	)	$	2.96		$	2.87		$	—		$	—		$	—
Mid-Cap Growth	12/31/02			13.65		(0.13	)		(4.13	)		(4.26	)		—			—			—
	12/31/01			21.63		(0.06	)		(5.02	)		(5.08	)		—			(2.90	)		(2.90	)
	12/31/00			24.03		(0.04	)		(1.74	)		(1.78	)		—			(0.62	)		(0.62	)
	12/31/99			17.26		(0.11	)		8.21			8.10			—			(1.33	)		(1.33	)

AST Neuberger Berman	12/31/03		$	13.09	$	0.02		$	4.72		$	4.74		$	(0.03	)	$	—		$	(0.03	)
Mid-Cap Value	12/31/02			15.41		0.03			(1.56	)		(1.53	)		(0.08	)		(0.71	)		(0.79	)
	12/31/01			16.85		0.08			(0.60	)		(0.52	)		(0.02	)		(0.90	)		(0.92	)
	12/31/00			13.32		0.02			3.60			3.62			(0.04	)		(0.05	)		(0.09	)
	12/31/99			13.16		0.10			0.60			0.70			(0.24	)		(0.30	)		(0.54	)

AST Alger	12/31/03		$	3.66	$	(0.02	)	$	1.32		$	1.30		$	—		$	—		$	—
All-Cap Growth⁽¹²⁾	12/31/02			5.70		(0.04	)		(2.00	)		(2.04	)		—			—			—
	12/31/01			6.84		(0.02	)		(1.12	)		(1.14	)		—			—			—
	12/31/00	⁽⁴⁾		10.00		—			(3.16	)		(3.16	)		—			—			—

AST Gabelli	12/31/03		$	7.77	$	0.04		$	2.72		$	2.76		$	(0.07	)	$	—		$	(0.07	)
All-Cap Value⁽¹³⁾	12/31/02			9.86		0.06			(2.09	)		(2.03	)		(0.06	)		—			(0.06	)
	12/31/01			10.09		0.04			(0.25	)		(0.21	)		(0.01	)		(0.01	)		(0.02	)
	12/31/00	⁽⁶⁾		10.00		0.03			0.06			0.09			—			—			—

AST T. Rowe Price	12/31/03		$	13.56	$	0.12		$	4.25		$	4.37		$	(0.20	)	$	(0.28	)	$	(0.48	)
Natural Resources	12/31/02			15.12		0.07			(0.85	)		(0.78	)		(0.24	)		(0.54	)		(0.78	)
	12/31/01			16.50		0.15			(0.04	)		0.11			(0.20	)		(1.29	)		(1.49	)
	12/31/00			13.16		0.17			3.31			3.48			(0.14	)		—			(0.14	)
	12/31/99			11.97		0.14			2.67			2.81			(0.18	)		(1.44	)		(1.62	)

AST Alliance Growth	12/31/03		$	6.75	$	(0.01	)	$	1.61		$	1.60		$	—		$	—		$	—
	12/31/02			9.78		(0.03	)		(3.00	)		(3.03	)		—			—			—
	12/31/01			15.15		(0.02	)		(1.93	)		(1.95	)		—			(3.42	)		(3.42	)
	12/31/00			18.95		—			(2.24	)		(2.24	)		—			(1.56	)		(1.56	)
	12/31/99			16.07		(0.07	)		4.85			4.78			—			(1.90	)		(1.90	)

See Notes to Financial Statements.

286


		Supplemental Data						Ratios of Expenses to Average Net Assets^(1)*
Net Asset Value End of Period		Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		After Advisory Fee Waiver and Expense Reimbursement		Before Advisory Fee Waiver and Expense Reimbursement		Ratio of Net Investment Income (Loss) to Average Net Assets⁽¹⁾
$	12.26	30.56	%	$	360,010	150	%	1.17	%	1.17	%	(0.83	%)
	9.39	(31.21	%)		287,458	104	%	1.16	%	1.16	%	(0.84	%)
	13.65	(25.79	%)		518,580	117	%	1.12	%	1.12	%	(0.60	%)
	21.63	(8.07	%)		719,405	121	%	1.09	%	1.09	%	(0.55	%)
	24.03	51.37	%		394,325	148	%	1.13	%	1.13	%	(0.71	%)

$	17.80	36.32	%	$	1,027,374	70	%	1.15	%	1.15	%	0.15	%
	13.09	(10.56	%)		760,973	92	%	1.16	%	1.16	%	0.20	%
	15.41	(3.03	%)		1,003,034	221	%	1.22	%	1.22	%	0.55	%
	16.85	27.49	%		978,649	220	%	1.24	%	1.24	%	0.19	%
	13.32	5.67	%		664,383	176	%	1.13	%	1.13	%	0.39	%

$	4.96	35.52	%	$	402,505	159	%	1.40	%	1.40	%	(0.53	%)
	3.66	(35.79	%)		323,286	182	%	1.29	%	1.29	%	(0.67	%)
	5.70	(16.67	%)		743,059	150	%	1.20	%	1.20	%	(0.37	%)
	6.84	(31.60	%)		205,079	123	%	1.24	%	1.24	%	(0.05	%)

$	10.46	35.85	%	$	181,874	30	%	1.20	%	1.20	%	0.41	%
	7.77	(20.71	%)		113,557	28	%	1.19	%	1.19	%	0.63	%
	9.86	(2.18	%)		158,886	68	%	1.20	%	1.20	%	0.89	%
	10.09	0.90	%		14,165	31	%	1.45	%	1.59	%	2.71	%

$	17.45	33.52	%	$	170,860	43	%	1.17	%	1.17	%	0.77	%
	13.56	(5.53	%)		122,686	56	%	1.16	%	1.16	%	0.54	%
	15.12	0.70	%		135,550	36	%	1.08	%	1.11	%	0.85	%
	16.50	26.79	%		134,644	96	%	1.14	%	1.20	%	1.13	%
	13.16	28.11	%		102,225	72	%	1.16	%	1.16	%	1.11	%

$	8.35	23.70	%	$	237,056	63	%	1.16	%	1.16	%	(0.14	%)
	6.75	(30.98	%)		240,490	59	%	1.13	%	1.13	%	(0.31	%)
	9.78	(14.72	%)		452,984	106	%	1.13	%	1.13	%	(0.22	%)
	15.15	(13.74	%)		467,362	135	%	1.16	%	1.16	%	(0.46	%)
	18.95	33.91	%		364,454	316	%	1.11	%	1.11	%	(0.50	%)

287

American Skandia Trust

Financial Highlights (continued)

Per Share Data (for a share outstanding throughout each period)


					Increase (Decrease) from Investment Operations									Less Distributions
Portfolio	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
AST MFS	12/31/03		$	5.94	$	(0.01	)	$	1.37		$	1.36		$	—		$	—		$	—
Growth⁽¹¹⁾	12/31/02			8.27		(0.02	)		(2.31	)		(2.33	)		—			—			—
	12/31/01			10.56		(0.01	)		(2.28	)		(2.29	)		—	^†		—			—
	12/31/00			11.30		0.01			(0.75	)		(0.74	)		—			—			—
	12/31/99	⁽³⁾		10.00		0.01			1.29			1.30			—			—			—

AST Marsico	12/31/03		$	11.72	$	(0.02	)	$	3.74		$	3.72		$	—		$	—		$	—
Capital Growth	12/31/02			13.88		(0.04	)		(2.12	)		(2.16	)		—			—			—
	12/31/01			18.10		(0.04	)		(3.84	)		(3.88	)		—			(0.34	)		(0.34	)
	12/31/00			21.63		(0.01	)		(3.00	)		(3.01	)		—			(0.52	)		(0.52	)
	12/31/99			14.20		(0.03	)		7.48			7.45			(0.01	)		(0.01	)		(0.02	)

AST Goldman Sachs	12/31/03		$	16.71	$	(0.05	)	$	4.25		$	4.20		$	(0.06	)	$	—		$	(0.06	)
Concentrated Growth	12/31/02			23.97		0.06			(7.18	)		(7.12	)		(0.14	)		—			(0.14	)
	12/31/01			35.08		0.13			(11.24	)		(11.11	)		—			—			—
	12/31/00			55.21		(0.06	)		(15.55	)		(15.61	)		(0.07	)		(4.45	)		(4.52	)
	12/31/99			37.00		0.05			19.65			19.70			—			(1.49	)		(1.49	)

AST DeAM	12/31/03		$	7.74	$	—		$	2.49		$	2.49		$	—		$	—		$	—
Large-Cap Growth	12/31/02	⁽⁸⁾		10.00		—	^†		(2.26	)		(2.26	)		—			—			—

AST DeAM	12/31/03		$	7.85	$	0.09		$	1.98		$	2.07		$	(0.07	)	$	—		$	(0.07	)
Large-Cap Value	12/31/02			9.30		0.06			(1.48	)		(1.42	)		(0.03	)		—			(0.03	)
	12/31/01			9.85		0.01			(0.55	)		(0.54	)		(0.01	)		—			(0.01	)
	12/31/00	⁽⁶⁾		10.00		0.03			(0.18	)		(0.15	)		—			—			—

AST Alliance/Bernstein	12/31/03		$	7.25	$	0.03		$	1.85		$	1.88		$	(0.05	)	$	—		$	(0.05	)
Growth + Value	12/31/02			9.71		0.06			(2.47	)		(2.41	)		(0.01	)		(0.04	)		(0.05	)
	12/31/01	⁽⁷⁾		10.00		0.01			(0.30	)		(0.29	)		—			—			—

See Notes to Financial Statements.

288


		Supplemental Data						Ratios of Expenses to Average Net Assets^(1)*
Net Asset Value End of Period		Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		After Advisory Fee Waiver and Expense Reimbursement		Before Advisory Fee Waiver and Expense Reimbursement		Ratio of Net Investment Income (Loss) to Average Net Assets⁽¹⁾
$	7.30	22.90	%	$	593,307	262	%	1.25	%	1.25	%	(0.20	)%
	5.94	(28.17	)%		526,085	198	%	1.18	%	1.18	%	(0.28	)%
	8.27	(21.68	)%		974,397	210	%	1.11	%	1.11	%	(0.12	)%
	10.56	(6.53	)%		82,051	243	%	1.24	%	1.24	%	0.08	%
	11.30	13.00	%		4,868	60	%	1.35	%	1.35	%	0.76	%

$	15.44	31.74	%	$	1,710,581	82	%	1.10	%	1.11	%	(0.21	)%
	11.72	(15.56	)%		1,081,101	109	%	1.09	%	1.10	%	(0.29	)%
	13.88	(21.71	)%		1,252,427	111	%	1.06	%	1.08	%	(0.25	)%
	18.10	(14.25	)%		1,770,849	118	%	1.04	%	1.06	%	(0.09	)%
	21.63	52.58	%		1,723,736	115	%	1.08	%	1.08	%	(0.25	)%

$	20.85	25.25	%	$	1,151,200	21	%	1.06	%	1.13	%	(0.26	)%
	16.71	(29.84	)%		1,147,612	109	%	1.06	%	1.09	%	0.23	%
	23.97	(31.67	)%		2,452,732	46	%	1.04	%	1.07	%	0.45	%
	35.08	(30.97	)%		4,262,410	34	%	1.00	%	1.04	%	(0.13	)%
	55.21	55.01	%		5,923,778	35	%	1.00	%	1.04	%	0.12	%

$	10.23	32.24	%	$	97,471	151	%	0.99	%	1.10	%	(0.04	)%
	7.74	(22.60	)%		76,674	101	%	0.98	%	1.08	%	0.07	%

$	9.85	26.59	%	$	133,821	161	%	0.99	%	1.09	%	1.13	%
	7.85	(15.30	)%		109,994	202	%	1.07	%	1.15	%	0.96	%
	9.30	(5.53	)%		45,357	134	%	1.35	%	1.35	%	0.51	%
	9.85	(1.50	)%		6,351	1	%	1.35	%	2.41	%	3.39	%

$	9.08	26.10	%	$	63,837	25	%	1.15	%	1.15	%	0.50	%
	7.25	(25.00	)%		32,065	43	%	1.15	%	1.15	%	0.60	%
	9.71	(2.80	)%		34,007	95	%	1.35	%	1.45	%	0.46	%

289

American Skandia Trust

Financial Highlights (continued)

Per Share Data (for a share outstanding throughout each period)


					Increase (Decrease) from Investment Operations								Less Distributions
Portfolio	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)		Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
AST Sanford Bernstein	12/31/03		$	8.77	$	0.18	$	2.28		$	2.46		$	(0.06	)	$	—		$	(0.06	)
Core Value	12/31/02			10.14		0.09		(1.43	)		(1.34	)		(0.03	)		—			(0.03	)
	12/31/01	⁽⁷⁾		10.00		0.04		0.10			0.14			—			—			—

AST Cohen & Steers Realty	12/31/03		$	10.05	$	0.49	$	3.02		$	3.51		$	(0.41	)	$	(0.24	)	$	(0.65	)
	12/31/02			10.11		0.49		(0.22	)		0.27			(0.33	)		—			(0.33	)
	12/31/01			10.18		0.50		(0.23	)		0.27			(0.34	)		—			(0.34	)
	12/31/00			8.36		0.32		1.78			2.10			(0.28	)		—			(0.28	)
	12/31/99			8.41		0.33		(0.15	)		0.18			(0.23	)		—			(0.23	)

AST Sanford Bernstein	12/31/03		$	8.75	$	0.11	$	2.24		$	2.35		$	(0.12	)	$	—		$	(0.12	)
Managed Index 500	12/31/02			11.14		0.11		(2.39	)		(2.28	)		(0.11	)		—			(0.11	)
	12/31/01			12.63		0.11		(1.36	)		(1.25	)		(0.11	)		(0.13	)		(0.24	)
	12/31/00			14.96		0.10		(1.40	)		(1.30	)		(0.08	)		(0.95	)		(1.03	)
	12/31/99			12.78		0.08		2.56			2.64			(0.06	)		(0.40	)		(0.46	)

AST American Century	12/31/03		$	9.41	$	0.15	$	2.51		$	2.66		$	(0.12	)	$	—		$	(0.12	)
Income & Growth	12/31/02			11.84		0.12		(2.45	)		(2.33	)		(0.10	)		—			(0.10	)
	12/31/01			13.02		0.10		(1.19	)		(1.09	)		(0.09	)		—			(0.09	)
	12/31/00			15.65		0.07		(1.74	)		(1.67	)		(0.08	)		(0.88	)		(0.96	)
	12/31/99			13.47		0.09		2.84			2.93			(0.11	)		(0.64	)		(0.75	)

AST Alliance	12/31/03		$	13.57	$	0.14	$	4.19		$	4.33		$	(0.19	)	$	—		$	(0.19	)
Growth and Income	12/31/02			18.70		0.18		(4.35	)		(4.17	)		(0.13	)		(0.83	)		(0.96	)
	12/31/01			21.38		0.12		(0.15	)		(0.03	)		(0.19	)		(2.46	)		(2.65	)
	12/31/00			23.50		0.19		0.57			0.76			(0.23	)		(2.65	)		(2.88	)
	12/31/99			21.68		0.23		3.04			3.27			(0.25	)		(1.20	)		(1.45	)

AST MFS	12/31/03		$	6.94	$	0.03	$	1.47		$	1.50		$	(0.03	)	$	—		$	(0.03	)
Growth with Income	12/31/02			8.89		0.03		(1.95	)		(1.92	)		(0.03	)		—			(0.03	)
	12/31/01			10.53		0.03		(1.66	)		(1.63	)		(0.01	)		—			(0.01	)
	12/31/00			10.52		0.03		(0.01	)		0.02			(0.01	)		—			(0.01	)
	12/31/99	⁽³⁾		10.00		0.01		0.51			0.52			—			—			—

See Notes to Financial Statements.

290


		Supplemental Data						Ratios of Expenses to Average Net Assets^(1)*
Net Asset Value End of Period		Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		After Advisory Fee Waiver and Expense Reimbursement		Before Advisory Fee Waiver and Expense Reimbursement		Ratio of Net Investment Income (Loss) to Average Net Assets⁽¹⁾
$	11.17	28.31	%	$	192,547	90	%	1.14	%	1.14	%	1.55	%
	8.77	(13.24	%)		199,176	28	%	1.00	%	1.00	%	1.63	%
	10.14	1.40	%		44,100	25	%	1.15	%	1.15	%	1.36	%

$	12.91	37.43	%	$	289,502	34	%	1.24	%	1.24	%	5.43	%
	10.05	2.65	%		177,520	60	%	1.26	%	1.26	%	5.11	%
	10.11	2.85	%		139,631	59	%	1.21	%	1.21	%	5.01	%
	10.18	26.19	%		132,486	59	%	1.28	%	1.28	%	5.21	%
	8.36	2.26	%		56,697	51	%	1.27	%	1.27	%	4.95	%

$	10.98	27.32	%	$	541,492	45	%	0.84	%	0.84	%	1.03	%
	8.75	(20.64	%)		441,169	36	%	0.84	%	0.84	%	1.04	%
	11.14	(10.01	%)		623,363	54	%	0.77	%	0.78	%	0.95	%
	12.63	(8.82	%)		704,897	84	%	0.78	%	0.78	%	0.84	%
	14.96	21.23	%		633,567	101	%	0.79	%	0.77	%	0.74	%

$	11.95	28.78	%	$	305,810	81	%	0.99	%	0.99	%	1.46	%
	9.41	(19.81	%)		259,122	83	%	0.98	%	0.98	%	1.04	%
	11.84	(8.44	%)		374,739	55	%	0.94	%	0.94	%	0.76	%
	13.02	(10.77	%)		487,880	61	%	0.94	%	0.94	%	0.68	%
	15.65	22.98	%		360,630	125	%	0.98	%	0.98	%	0.86	%

$	17.71	32.43	%	$	1,836,529	62	%	0.97	%	0.99	%	1.01	%
	13.57	(23.28	%)		1,169,698	79	%	0.96	%	0.98	%	0.99	%
	18.70	(0.48	%)		1,875,230	103	%	0.94	%	0.96	%	0.74	%
	21.38	5.52	%		1,595,755	144	%	1.05	%	1.06	%	0.96	%
	23.50	16.09	%		1,498,306	69	%	0.92	%	0.94	%	1.09	%

$	8.41	21.71	%	$	109,339	95	%	1.19	%	1.19	%	0.46	%
	6.94	(21.62	%)		87,543	82	%	1.19	%	1.19	%	0.35	%
	8.89	(15.46	%)		108,714	99	%	1.11	%	1.11	%	0.42	%
	10.53	0.19	%		77,618	62	%	1.23	%	1.26	%	0.34	%
	10.52	5.20	%		8,757	6	%	1.23	%	1.23	%	1.45	%

291

American Skandia Trust

Financial Highlights (continued)

Per Share Data (for a share outstanding throughout each period)


				Increase (Decrease) from Investment Operations								Less Distributions
Portfolio	Period Ended	Net Asset Value Beginning of Period		Net Investment Income (Loss)		Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
AST INVESCO	12/31/03	$	12.55	$	0.24	$	2.18		$	2.42		$	(0.31	)	$	—		$	(0.31	)
Capital Income	12/31/02		15.59		0.30		(2.96	)		(2.66	)		(0.38	)		—			(0.38	)
	12/31/01		17.59		0.34		(1.82	)		(1.48	)		(0.36	)		(0.16	)		(0.52	)
	12/31/00		18.65		0.38		0.32			0.70			(0.36	)		(1.40	)		(1.76	)
	12/31/99		17.50		0.36		1.61			1.97			(0.32	)		(0.50	)		(0.82	)

AST DeAM	12/31/03	$	9.38	$	0.12	$	1.69		$	1.81		$	(0.12	)	$	—		$	(0.12	)
Global Allocation	12/31/02		11.46		0.11		(1.84	)		(1.73	)		(0.35	)		—			(0.35	)
	12/31/01		13.30		0.34		(1.87	)		(1.53	)		(0.31	)		—			(0.31	)
	12/31/00		15.24		0.34		(0.89	)		(0.55	)		(0.32	)		(1.07	)		(1.39	)
	12/31/99		14.13		0.32		2.30			2.62			(0.35	)		(1.16	)		(1.51	)

AST American Century	12/31/03	$	11.14	$	0.18	$	1.87		$	2.05		$	(0.27	)	$	—		$	(0.27	)
Strategic Balanced	12/31/02		12.62		0.26		(1.47	)		(1.21	)		(0.27	)		—			(0.27	)
	12/31/01		13.70		0.27		(0.78	)		(0.51	)		(0.25	)		(0.32	)		(0.57	)
	12/31/00		15.30		0.32		(0.81	)		(0.49	)		(0.23	)		(0.88	)		(1.11	)
	12/31/99		13.66		0.20		1.56			1.76			(0.12	)		—			(0.12	)

AST T. Rowe Price	12/31/03	$	12.74	$	0.24	$	2.73		$	2.97		$	(0.35	)	$	—		$	(0.35	)
Asset Allocation	12/31/02		15.05		0.34		(1.76	)		(1.42	)		(0.39	)		(0.50	)		(0.89	)
	12/31/01		18.12		0.41		(1.21	)		(0.80	)		(0.52	)		(1.75	)		(2.27	)
	12/31/00		18.86		0.52		(0.63	)		(0.11	)		(0.45	)		(0.18	)		(0.63	)
	12/31/99		17.47		0.44		1.32			1.76			(0.36	)		(0.01	)		(0.37	)

AST T. Rowe Price	12/31/03	$	11.10	$	0.27	$	1.12		$	1.39		$	(0.37	)	$	(0.02	)	$	(0.39	)
Global Bond	12/31/02		9.65		0.05		1.40			1.45			—			—			—
	12/31/01		9.40		0.56		(0.31	)		0.25			—			—			—
	12/31/00		9.60		0.48		(0.53	)		(0.05	)		(0.15	)		—			(0.15	)
	12/31/99		11.46		0.33		(1.25	)		(0.92	)		(0.71	)		(0.23	)		(0.94	)

AST Federated High Yield	12/31/03	$	7.89	$	0.62	$	0.95		$	1.57		$	(0.69	)	$	—		$	(0.69	)
	12/31/02		8.86		0.69		(0.70	)		(0.01	)		(0.96	)		—			(0.96	)
	12/31/01		9.71		0.74		(0.66	)		0.08			(0.93	)		—			(0.93	)
	12/31/00		11.92		1.18		(2.23	)		(1.05	)		(1.16	)		—			(1.16	)
	12/31/99		12.65		1.03		(0.77	)		0.26			(0.91	)		(0.08	)		(0.99	)

See Notes to Financial Statements.

292


		Supplemental Data						Ratios of Expenses to Average Net Assets^(1)*
Net Asset Value End of Period		Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		After Advisory Fee Waiver and Expense Reimbursement		Before Advisory Fee Waiver and Expense Reimbursement		Ratio of Net Investment Income (Loss) to Average Net Assets⁽¹⁾
$	14.66	19.94	%	$	640,112	100	%	0.98	%	0.98	%	1.50	%
	12.55	(17.49	%)		660,533	32	%	0.95	%	0.95	%	1.80	%
	15.59	(8.59	%)		1,029,069	26	%	0.91	%	0.92	%	2.17	%
	17.59	4.74	%		1,173,070	55	%	0.94	%	0.95	%	2.25	%
	18.65	11.74	%		1,048,064	76	%	0.93	%	0.93	%	2.10	%

$	11.07	19.53	%	$	264,808	18	%	0.14	%	0.14	%	1.08	%
	9.38	(15.43	%)		284,362	160	%	0.47	%	0.47	%	0.91	%
	11.46	(11.73	%)		481,159	77	%	0.89	%	0.95	%	2.68	%
	13.30	(4.36	%)		622,641	60	%	0.95	%	0.95	%	2.70	%
	15.24	20.85	%		499,571	154	%	1.00	%	1.00	%	2.37	%

$	12.92	18.87	%	$	235,818	145	%	1.11	%	1.11	%	1.57	%
	11.14	(9.74	%)		179,368	126	%	1.10	%	1.10	%	2.16	%
	12.62	(3.80	%)		210,722	124	%	1.08	%	1.08	%	2.19	%
	13.70	(3.11	%)		217,483	125	%	1.10	%	1.10	%	2.33	%
	15.30	12.97	%		216,748	104	%	1.10	%	1.10	%	1.93	%

$	15.36	24.02	%	$	360,152	94	%	1.12	%	1.12	%	1.84	%
	12.74	(9.89	%)		269,119	107	%	1.11	%	1.11	%	2.37	%
	15.05	(4.79	%)		332,791	103	%	1.10	%	1.10	%	2.46	%
	18.12	(0.48	%)		395,375	43	%	1.08	%	1.08	%	2.64	%
	18.86	10.28	%		447,542	17	%	1.07	%	1.07	%	2.65	%

$	12.10	12.86	%	$	229,630	196	%	1.06	%	1.06	%	2.57	%
	11.10	15.03	%		209,594	323	%	1.06	%	1.06	%	3.13	%
	9.65	2.66	%		108,014	187	%	0.87	%	1.08	%	4.83	%
	9.40	(0.45	%)		122,200	171	%	1.12	%	1.12	%	4.35	%
	9.60	(8.33	%)		138,144	106	%	1.11	%	1.11	%	3.51	%

$	8.77	21.59	%	$	868,511	65	%	0.93	%	0.93	%	7.56	%
	7.89	0.04	%		576,441	41	%	0.94	%	0.94	%	9.02	%
	8.86	0.14	%		525,821	48	%	0.95	%	0.95	%	10.22	%
	9.71	(9.69	%)		497,882	20	%	0.96	%	0.96	%	10.36	%
	11.92	2.00	%		623,788	39	%	0.94	%	0.94	%	9.09	%

293

American Skandia Trust

Financial Highlights (continued)

Per Share Data (for a share outstanding throughout each period)


					Increase (Decrease) from Investment Operations									Less Distributions
Portfolio	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
AST Lord Abbett	12/31/03		$	10.07	$	0.44		$	1.37		$	1.81		$	(0.44	)	$	—		$	(0.44	)
Bond-Debenture	12/31/02			10.45		0.42			(0.39	)		0.03			(0.41	)		—			(0.41	)
	12/31/01			10.15		0.39			(0.08	)		0.31			(0.01	)		—			(0.01	)
	12/31/00	⁽⁶⁾		10.00		0.02			0.13			0.15			—			—			—

AST DeAM Bond	12/31/03		$	10.77	$	0.35		$	0.05		$	0.40		$	(0.27	)	$	(0.34	)	$	(0.61	)
	12/31/02	⁽⁸⁾		10.00		0.26			0.51			0.77			—			—			—

AST PIMCO Total	12/31/03		$	12.24	$	0.35		$	0.27		$	0.62		$	(0.43	)	$	(0.44	)	$	(0.87	)
Return Bond	12/31/02			11.93		0.39			0.66			1.05			(0.52	)		(0.22	)		(0.74	)
	12/31/01			11.60		0.56			0.42			0.98			(0.65	)		—			(0.65	)
	12/31/00			10.99		0.65			0.56			1.21			(0.60	)		—			(0.60	)
	12/31/99			12.02		0.58			(0.71	)		(0.13	)		(0.52	)		(0.38	)		(0.90	)

AST PIMCO Limited	12/31/03		$	11.36	$	0.22		$	0.14		$	0.36		$	(0.22	)	$	(0.13	)	$	(0.35	)
Maturity Bond	12/31/02			11.30		0.24			0.43			0.67			(0.47	)		(0.14	)		(0.61	)
	12/31/01			11.07		0.50			0.36			0.86			(0.63	)		—			(0.63	)
	12/31/00			10.84		0.68			0.17			0.85			(0.62	)		—			(0.62	)
	12/31/99			11.08		0.59			(0.22	)		0.37			(0.61	)		—			(0.61	)

AST Money Market	12/31/03		$	1.00	$	—	^†	$	—		$	—	^†	$	—	^†	$	—	^†	$	—	^†
	12/31/02			1.00		0.01			—			0.01			(0.01	)		—	^†		(0.01	)
	12/31/01			1.00		0.04			—			0.04			(0.04	)		—	^†		(0.04	)
	12/31/00			1.00		0.06			—			0.06			(0.06	)		—	^†		(0.06	)
	12/31/99			1.00		0.04			—			0.04			(0.04	)		—	^†		(0.04	)

⁽¹⁾	Annualized for periods less than one year.

⁽²⁾	Commenced operations on January 4, 1999.

⁽³⁾	Commenced operations on October 18, 1999.

⁽⁴⁾	Commenced operations on January 3, 2000.

⁽⁵⁾	Commenced operations on May 1, 2000.

⁽⁶⁾	Commenced operations on October 23, 2001.

⁽⁷⁾	Commenced operations on May 1, 2001.

⁽⁸⁾	Commenced operations on May 1, 2002.

⁽⁹⁾	Merged with AST American Century International Growth on December 19, 2003.

⁽¹⁰⁾	Merged with AST Scudder Japan on May 3, 2002.

⁽¹¹⁾	Merged with AST Alger Growth on February 16, 2001.

⁽¹²⁾	Merged with AST Alger Mid-Cap Growth on February 16, 2001.

⁽¹³⁾	Merged with AST Kinetics Internet on May 3, 2002.

*	Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan, as described in Note 3 of the Financial Statements, for the years ended December 31, 1999, 2000, 2001, 2002 and 2003.

†	Amount represents less than a penny per share.

See Notes to Financial Statements.

294


		Supplemental Data						Ratios of Expenses to Average Net Assets ⁽¹⁾*
Net Asset Value End of Period		Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		After Advisory Fee Waiver and Expense Reimbursement		Before Advisory Fee Waiver and Expense Reimbursement		Ratio of Net Investment Income (Loss) to Average Net Assets⁽¹⁾
$	11.44	18.74	%	$	346,412	84	%	1.04	%	1.04	%	6.31	%
	10.07	0.41	%		164,939	43	%	1.04	%	1.04	%	7.16	%
	10.45	3.04	%		62,456	102	%	1.10	%	1.10	%	7.23	%
	10.15	1.50	%		6,783	9	%	1.20	%	3.07	%	4.39	%

$	10.56	3.81	%	$	115,882	305	%	0.95	%	1.10	%	2.99	%
	10.77	7.70	%		131,736	240	%	0.93	%	1.08	%	3.71	%

$	11.99	5.32	%	$	2,107,944	222	%	0.78	%	0.80	%	2.85	%
	12.24	9.22	%		2,255,048	229	%	0.78	%	0.80	%	3.90	%
	11.93	8.87	%		1,638,346	343	%	0.79	%	0.81	%	5.02	%
	11.60	11.57	%		1,258,218	365	%	0.82	%	0.82	%	6.14	%
	10.99	(1.09	%)		1,005,763	227	%	0.82	%	0.82	%	5.46	%

$	11.37	3.28	%	$	1,005,924	208	%	0.82	%	0.82	%	1.74	%
	11.36	6.21	%		1,058,843	271	%	0.83	%	0.83	%	2.87	%
	11.30	7.97	%		611,197	445	%	0.83	%	0.83	%	5.10	%
	11.07	8.43	%		417,842	171	%	0.87	%	0.87	%	6.14	%
	10.84	3.37	%		406,604	178	%	0.86	%	0.86	%	5.51	%

$	1.00	0.63	%	$	1,762,117	N/A		0.59	%	0.64	%	0.63	%
	1.00	1.29	%		2,744,716	N/A		0.58	%	0.63	%	1.27	%
	1.00	3.77	%		2,652,093	N/A		0.59	%	0.64	%	3.60	%
	1.00	6.07	%		2,244,193	N/A		0.60	%	0.65	%	5.93	%
	1.00	4.60	%		2,409,157	N/A		0.60	%	0.65	%	4.52	%

295

American Skandia Trust

Notes To Financial Statements

December 31, 2003

1. ORGANIZATION

American Skandia Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended. The Trust was organized on October 31, 1988 as a Massachusetts business trust. The Trust operates as a series company and, at December 31, 2003, issued 41 classes of shares of beneficial interest (collectively the “Portfolios”).

The Portfolios of the Trust have the following investments objectives:

AST Strong International Equity Portfolio (“Strong International Equity”): Capital growth by investing primarily in equity securities of foreign companies.

AST William Blair International Growth Portfolio (“William Blair International Growth”): Long-term capital growth by investing primarily in equity securities of foreign companies.

AST American Century International Growth Portfolio (“American Century International Growth”): Capital growth by investing primarily in equity securities of foreign companies.

AST DeAM International Equity Portfolio (“DeAM International Equity”): Capital growth by investing primarily in equity securities of foreign companies represented in the MSCI EAFE Index.

AST MFS Global Equity Portfolio (“MFS Global Equity”): Capital growth by investing primarily in common stocks and related securities of U.S. and foreign issuers.

AST PBHG Small-Cap Growth Portfolio (“PBHG Small-Cap Growth”): Capital growth by investing in common stocks of small capitalization companies.

AST DeAM Small-Cap Growth Portfolio (“DeAM Small-Cap Growth”): Maximize capital growth by investing primarily in equity securities of small capitalization companies included in the Russell 2000 Growth Index.

AST Federated Aggressive Growth Portfolio (“Federated Aggressive Growth”): Capital growth by investing primarily in stocks of small companies that are traded on national securities exchanges, Nasdaq stock exchange and the over-the-counter-market.

AST Goldman Sachs Small-Cap Value Portfolio (“Goldman Sachs Small-Cap Value”): Long-term capital growth by investing primarily in equity securities of small capitalization companies that are believed to be undervalued.

AST Gabelli Small-Cap Value Portfolio (“Gabelli Small-Cap Value”): Long-term capital growth by investing primarily in stocks and equity-related securities of small capitalization companies that appear to be undervalued.

AST DeAM Small-Cap Value Portfolio (“DeAM Small-Cap Value”): Maximum capital growth by investing primarily in equity securities of small capitalization companies included in the Russell 2000 Value Index.

AST Goldman Sachs Mid-Cap Growth Portfolio (“Goldman Sachs Mid-Cap Growth”): Long-term capital growth by investing primarily in equity securities of medium-sized companies.

AST Neuberger Berman Mid-Cap Growth Portfolio (“Neuberger Berman Mid-Cap Growth”): Capital growth by investing primarily in common stocks of medium capitalization companies.

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AST Neuberger Berman Mid-Cap Value Portfolio (“Neuberger Berman Mid-Cap Value”): Capital growth by investing primarily in common stocks of medium capitalization companies.

AST Alger All-Cap Growth Portfolio (“Alger All-Cap Growth”): Long-term capital growth by investing in common and preferred stocks.

AST Gabelli All-Cap Value Portfolio (“Gabelli All-Cap Value”): Capital growth by investing in readily marketable equity securities.

AST T. Rowe Price Natural Resources Portfolio (“T. Rowe Price Natural Resources”): Long-term capital growth by investing primarily in common stocks of companies that own or develop natural resources and other basic commodities.

AST Alliance Growth Portfolio (“Alliance Growth”): Long-term capital growth by investing predominantly in the equity securities of a limited number of large, high-quality U.S. companies.

AST MFS Growth Portfolio (“MFS Growth”): Long-term capital growth and future income by investing primarily in common stocks and related securities.

AST Marsico Capital Growth Portfolio (“Marsico Capital Growth”): Capital growth by investing primarily in common stocks, with the majority of the portfolio’s assets in large capitalization stocks.

AST Goldman Sachs Concentrated Growth Portfolio (“Goldman Sachs Concentrated Growth”): Capital growth by investing primarily in equity securities.

AST DeAM Large-Cap Growth Portfolio (“DeAM Large-Cap Growth”): Maximum capital growth by investing primarily in equity securities of large capitalization companies included in the Russell 10000 Growth Index.

AST DeAM Large-Cap Value Portfolio (“DeAM Large-Cap Value”): Maximum capital growth by investing in equity securities of large capitalization companies included in the Russell 1000 Value Index.

AST Alliance/Bernstein Growth + Value Portfolio (“Alliance/Bernstein Growth + Value”): Capital growth by investing approximately 50% of assets in growth stocks of large companies and 50% of assets in value stocks of large companies.

AST Sanford Bernstein Core Value Portfolio (“Sanford Bernstein Core Value”): Long-term capital growth by investing primarily in common stocks of large capitalization companies that appear to be undervalued.

AST Cohen & Steers Realty Portfolio (“Cohen & Steers Realty”): Maximize total return by investing primarily in equity securities of real estate companies.

AST Sanford Bernstein Managed Index 500 Portfolio (“Sanford Bernstein Managed Index 500”): Outperform the S&P 500 Stock Index by investing primarily in common stocks included in the S&P 500.

AST American Century Income & Growth Portfolio (“American Century Income & Growth”): Capital growth and, secondarily, current income by investing primarily in stocks of large U.S. companies selected through quantitative investment techniques.

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American Skandia Trust

Notes To Financial Statements (continued)

December 31, 2003

AST Alliance Growth and Income Portfolio (“Alliance Growth and Income”): Long-term capital growth and income by investing primarily in common stocks that are believed to be selling at reasonable valuations in relation to their fundamental business prospects.

AST MFS Growth with Income Portfolio (“MFS Growth with Income”): Long-term growth of capital with a secondary objective to seek reasonable current income by investing primarily in common stocks and related securities.

AST INVESCO Capital Income Portfolio (“INVESCO Capital Income”): Capital growth and current income by investing primarily in dividend-paying common and preferred stocks, and to a lesser extent in fixed income securities.

AST DeAM Global Allocation Portfolio (“DeAM Global Allocation”): A high level of total return by investing primarily in a diversified portfolio of mutual funds.

AST American Century Strategic Balanced Portfolio (“American Century Strategic Balanced”): Capital growth by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed income securities.

AST T. Rowe Price Asset Allocation Portfolio (“T. Rowe Price Asset Allocation”): A high level of total return by investing primarily in a diversified portfolio of equity and fixed income securities.

AST T. Rowe Price Global Bond Portfolio (“T. Rowe Price Global Bond”): High current income and capital growth by investing primarily in high-quality foreign and U.S. dollar-denominated bonds.

AST Federated High Yield Portfolio (“Federated High Yield”): High current income by investing primarily in lower-quality fixed income securities rated BBB and below. Lower rated or unrated (i.e., high yield) securities are more likely to react to developments affecting market risk (general market liquidity) and credit risk (an issuer’s inability to meet principal and interest payments on its obligations) than are more highly rated securities, which react primarily to movements in the general level of interest rates. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by economic developments in a specific industry or region.

AST Lord Abbett Bond-Debenture Portfolio (“Lord Abbett Bond-Debenture”): High current income and the opportunity for capital appreciation to produce a high total return by investing primarily in high yield and investment grade debt securities, securities convertible into common stock and preferred stock.

AST DeAM Bond Portfolio (“DeAM Bond”): High current income by investing primarily in a wide range of intermediate-term, higher-quality fixed income securities.

AST PIMCO Total Return Bond Portfolio (“PIMCO Total Return Bond”): Maximize total return, consistent with preservation of capital by investing primarily in higher-quality fixed income securities of varying maturities, so that the portfolio’s expected average duration will be from three to six years.

AST PIMCO Limited Maturity Bond Portfolio (“PIMCO Limited Maturity Bond”): Maximize total return, consistent with preservation of capital by investing primarily in higher-quality fixed income securities of varying maturities, so that the portfolio’s expected average duration will be from one to three years.

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AST Money Market Portfolio (“Money Market”): Maximize current income and maintain high levels of liquidity by investing in high-quality, short-term, U.S. dollar-denominated instruments.

On May 1, 2003, Skandia Insurance Company Ltd. (publ), the ultimate parent of the Trust’s investment manager, announced that it reached a definitive agreement with Prudential Financial, Inc. the parent of Prudential Investments LLC to sell American Skandia, Inc. and its subsidiaries including American Skandia Investment Services, Incorporated the Trust’s investment manager. Upon completion of this transaction American Skandia Investment Services, Incorporated and Prudential Investments LLC became co-managers of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following accounting policies are in conformity with accounting principles generally accepted in the United States of America. Such policies are consistently followed by the Trust and the Portfolios in the preparation of their financial statements. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation

Securities listed on a securities exchange are normally valued at the last sale price on such exchange on the day of valuation or, if there was no sale on such day, at the mean between the last reported bid and ask prices, or at the last bid price on such day in the absence of an asked price. Securities traded via Nasdaq are valued at the official closing price provided by Nasdaq. Securities that are actively traded in the over-the-counter market, including listed securities for which the primary market is believed by the co-managers, in consultation with the subadviser(s); to be over-the-counter, are valued by an independent pricing agent or principal market maker. Options on securities and indices traded on an exchange are valued at the mean between the most recently quoted bid and asked prices on such exchange. Futures contracts and options thereon traded on a commodities exchange or board of trade are valued at the last sale price at the close of trading on such exchange or board of trade or, if there was no sale on the applicable commodities exchange or board of trade on such day, at the mean between the most recently quoted bid and asked prices on such exchange or board of trade or at the last bid price in the absence of an asked price. Securities for which market quotations are not readily available, or whose values have been affected by events occurring after the close of the security’s foreign market and before the Portfolio’s normal pricing time, are valued at fair value in accordance with procedures approved by the Board of Trustees. Investments in mutual funds are valued at their net asset value as of the close of the New York Stock Exchange on the date of the valuation.

Money Market uses amortized cost to value short-term securities. Short-term securities that are held in the other Portfolios which mature in more than 60 days are valued at current market quotations and those short-term securities which mature in 60 days or less are valued at amortized cost which approximates market value.

Restricted Securities

The Portfolios may hold up to 15% of their net assets in illiquid securities, including those which are restricted as to disposition under securities law (“restricted securities”). Certain issues of restricted securities held by the Portfolios at December 31, 2003 include registration rights, under which the Portfolios may demand registration by the issuer,

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American Skandia Trust

Notes To Financial Statements (continued)

December 31, 2003

of which the Portfolio may bear the cost of such registration. Restricted securities, sometimes referred to as private placements, are valued pursuant to the valuation procedures noted above.

Foreign Currency Translation

Portfolio securities and other assets and liabilities denominated in foreign currencies are translated each business day into U.S. dollars based on the current rates of exchange. Purchases and sales of Portfolio securities and income and expenses are translated into U.S. dollars on the respective dates of such transactions.

The Portfolios do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with net realized and unrealized gain or loss from investments.

Net realized foreign exchange gains and losses include gains and losses from sales and maturities of foreign currencies, gains and losses realized between the trade and settlement dates of foreign securities transactions, and the difference between the amount of net investment income accrued on foreign securities and the U.S. dollar amount actually received. Net unrealized foreign exchange gains and losses include gains and losses from changes in the value of assets and liabilities other than Portfolio securities, resulting from changes in exchange rates.

Forward Currency Contracts

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Portfolios, as defined in the prospectus, enter into forward currency contracts in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency. The contracts are valued daily at forward exchange rates and any unrealized gain or loss is included in net unrealized appreciation or depreciation on investments. Gain or loss is realized on the settlement date of the contract equal to the difference between the settlement value of the original and renegotiated forward contracts. This gain or loss, if any, is included in net realized gain or loss on foreign currency transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

Options

The Portfolios (except for Money Market) may either purchase or write options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates with respect to securities or financial instruments which the Portfolio currently owns or intends to purchase. The Portfolio’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Portfolio purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Portfolio writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option.

If an option expires unexercised, the Portfolio realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the

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cost of the purchase. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in net realized gain or loss on investment transactions. Gain or loss on written options is presented separately as net realized gain or loss on written option transactions.

The Portfolio, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Portfolio bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Portfolio, as purchaser of an option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts.

When a Portfolio writes an option on a swap, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Portfolio becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Portfolio becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Portfolio will be obligated to be party to a swap agreement if an option on a swap is exercised.

Financial Futures Contracts

A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Portfolio is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments known as “variation margin,” are made or received by the Portfolio each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain or loss. When the contract expires or is closed, the gain or loss is realized and is presented in the Statement of Operations as net realized gain or loss on financial futures contracts. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and underlying hedged assets.

Short Sales

Certain portfolios of the Trust may make short sales of securities as a method of hedging potential price declines in similar securities owned. The Portfolio may sell a security it does not own in anticipation of a decline in the market value of that security (short sale). When the Portfolio makes a short sale, it will borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Portfolio may have to pay a fee to borrow the particular security and may be obligated to return any interest or dividends received on such borrowed securities. The fee may be referred to as the “initial margin.” Subsequent payments known as “variation margin,” are made or received by the Portfolio each day, depending on the daily fluctuations in the value of the security sold short. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). A gain, limited to the price at which the Portfolio sold the security short, or a loss, unlimited as to dollar amount, will be recognized upon the termination of

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American Skandia Trust

Notes To Financial Statements (continued)

December 31, 2003

a short sale if the market price at termination is less than or greater than the proceeds originally received, respectively, and is presented in the Statements of Operations as net realized gain or loss on short sales.

Repurchase Agreements

In connection with transactions in repurchase agreements with United States financial institutions, it is the Portfolio’s policy that its custodian or designated subcustodians under triparty repurchase agreements, as the case may be, take possession of the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transactions, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to ensure the adequacy of the collateral. If the seller defaults and the value of the collateral declines or, if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Portfolio may be delayed or limited.

Swap Agreements

The Portfolios may enter into swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Portfolios may enter into interest rate, forward swap spread lock and credit default swap agreements to manage its exposure to interest rates and credit risk. Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest. Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. Dividends and interest on the securities in the swap are included in the value of the exchange. The swaps are valued daily at current market value and any unrealized gain or loss is included in the net unrealized appreciation or depreciation on investments. Gain or loss is realized on the termination date of the swap and is equal to the difference between the Portfolio’s basis in the swap and the proceeds of the closing transaction, including fees. During the period that the swap agreement is open, the Portfolio may be subject to risk from the potential inability of the counterparty to meet the terms of the agreement.

Forward currency contracts, written options, financial futures contracts, and swap agreements involve elements of both market and credit risk in excess of the amounts reflected on the Statements of Assets and Liabilities.

Delayed Delivery Transactions

Certain Portfolios may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Portfolio will set aside and maintain until the settlement date in a segregated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such

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fluctuations into account when determining its net asset value. The Portfolio may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Portfolio has sold a security on a delayed delivery basis, the Portfolio does not participate in future gains and losses with respect to the security.

Security Loans

The Portfolios may lend their portfolio securities to broker-dealers. Security loans are limited to 33¹/3% of the total assets of the respective portfolio. The loans are secured by collateral at least equal at all times to the market value of the securities loaned. Loans are subject to termination at the option of the borrower or the Portfolios. Upon termination of the loan, the borrower will return to the lender securities identical to the loaned securities. Should the borrower of the securities fail financially, the Portfolios have the right to repurchase the securities using the collateral in the open market. The Portfolios recognize income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The Portfolios also continue to receive interest and dividends or amounts equivalent thereto, on the securities loaned and recognize any unrealized gain or loss in the market price of the securities loaned that may occur during the term of the loan.

Investment Transactions and Investment Income

Securities transactions are accounted for on the trade date. Realized gains and losses from securities sold are recognized on the specific identification basis. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. The Portfolio amortizes premiums and discounts on portfolio securities as adjustments to interest income. Expenses are recorded on the accrual basis.

Taxes

For federal income tax purposes, each Portfolio in the Trust is treated as a separate taxpaying entity. It is each Portfolio’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net income and capital gains, if any, to shareholders. Therefore, no federal income tax provision is required.

Withholding taxes on foreign dividends, interest and capital gains are recorded net of reclaimable amounts, at the time the related income is earned.

Distributions to Shareholders

Dividends, if any, from net investment income are declared and paid at least annually by all Portfolios other than Money Market. In the case of Money Market, dividends are declared daily and paid monthly. Distributions to shareholders, which are determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles, are recorded on the ex-dividend date. Net realized gains from investment transactions, if any, are distributed at least annually. These dividends and distributions are determined in accordance with federal income tax regulations and may differ from accounting principles generally accepted in the United States of America.

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American Skandia Trust

Notes To Financial Statements (continued)

December 31, 2003

Estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

The Portfolios have entered into investment management agreements with American Skandia Investment Services, Inc. and Prudential Investments LLC the co-managers (together the “Investment Manager”) which provide that the Investment Manager will furnish each Portfolio with investment advice and investment management and administrative services. The Investment Manager has engaged the following firms as Sub-advisers for their respective Portfolios:

Alliance Capital Management L.P. for Alliance Growth and Income and Alliance Growth;

Alliance Capital Management, L.P. and Sanford C. Bernstein & Co., LLC co-manager Alliance/Bernstein Growth + Value;

American Century Investment Management, Inc. for American Century Income & Growth, American Century Strategic Balanced and American Century International Growth;

Cohen & Steers Capital Management, Inc. for Cohen & Steers Realty;

Deutsche Asset Management, Inc. for DeAM Global Allocation, DeAM International Equity, DeAM Small-Cap Growth, DeAM Large-Cap Value, DeAM Bond, DeAM Large-Cap Growth and DeAM Small-Cap Value;

Federated Investment Counseling for Federated High Yield and Federated Aggressive Growth;

Fred Alger Management, Inc. for Alger All-Cap Growth;

GAMCO Investors, Inc. for Gabelli Small-Cap Value and Gabelli All-Cap Value;

Goldman Sachs Asset Management for Goldman Sachs Concentrated Growth, Goldman Sachs Small-Cap Value and Goldman Sachs Mid-Cap Growth;

INVESCO Funds Group, Inc. for INVESCO Capital Income;

Lord Abbett & Co. for Lord Abbett Bond-Debenture;

Marsico Capital Management, LLC for Marsico Capital Growth;

Massachusetts Financial Services Company for MFS Global Equity, MFS Growth, and MFS Growth with Income;

Neuberger Berman Management, Inc. for Neuberger Berman Mid-Cap Value and Neuberger Berman Mid-Cap Growth;

Pacific Investment Management Company LLC for PIMCO Total Return Bond and PIMCO Limited Maturity Bond;

Pilgrim Baxter & Associates, Ltd. for PBHG Small-Cap Growth;

Sanford C. Bernstein & Co., LLC for Sanford Bernstein Managed Index 500 and Sanford Bernstein Core Value;

Strong Capital Management, Inc. for Strong International Equity;

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T. Rowe Price Associates, Inc. for T. Rowe Price Asset Allocation and T. Rowe Price Natural Resources; T. Rowe Price International, Inc. for T. Rowe Price Global Bond;

Wells Fargo Capital Management, Inc. for Money Market;

and William Blair & Company, LLC for William Blair International Growth

Advisory Fees and Expense Limitations

The Investment Manager receives a fee, computed daily and paid monthly, based on an annual rate of the value of each Portfolio’s average daily net assets. The Investment Manager pays each Sub-adviser a fee as compensation for advisory services provided to the Portfolios. All amounts paid or payable to the Portfolios by the Investment Manager, under the agreement, are reflected in the Statements of Operations.


	Advisory Fees		Expense Limitations
Strong International Equity	1.00	%	1.75	%
William Blair International Growth	1.00	%	1.75	%
American Century International Growth	1.00	%	1.75	%
DeAM International Equity	1.00	%	1.50	%
MFS Global Equity	1.00	%	1.75	%
PBHG Small-Cap Growth	0.90	%	1.30	%
DeAM Small-Cap Growth	0.95	%	1.35	%
Federated Aggressive Growth	0.95	%	1.35	%
Goldman Sachs Small-Cap Value	0.95	%	1.35	%
Gabelli Small-Cap Value	0.90	%	1.30	%
DeAM Small-Cap Value	0.95	%	1.15	%
Goldman Sachs Mid-Cap Growth	1.00	%	1.35	%
Neuberger Berman Mid-Cap Growth	0.90	%	1.25	%
Neuberger Berman Mid-Cap Value	0.90	%	1.25	%
Alger All-Cap Growth	0.95	%	1.45	%
Gabelli All-Cap Value	0.95	%	1.45	%
T. Rowe Price Natural Resources	0.90	%	1.35	%
Alliance Growth	0.90	%	1.45	%
MFS Growth	0.90	%	1.35	%
Marsico Capital Growth	0.90	%	1.35	%
Goldman Sachs Concentrated Growth	0.90	%	1.35	%
DeAM Large-Cap Growth	0.85	%	0.99	%
DeAM Large-Cap Value	0.85	%	0.99	%
Alliance/Bernstein Growth + Value	0.90	%	1.35	%
Sanford Bernstein Core Value	0.75	%	1.25	%
Cohen & Steers Realty	1.00	%	1.45	%
Sanford Bernstein Managed Index 500	0.60	%	0.80	%
American Century Income & Growth	0.75	%	1.25	%

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American Skandia Trust

Notes To Financial Statements (continued)

December 31, 2003


	Advisory Fees		Expense Limitations
Alliance Growth and Income	0.75	%	1.25	%
MFS Growth with Income	0.90	%	1.35	%
INVESCO Capital Income	0.75	%	1.20	%
DeAM Global Allocation	0.10	%	0.35	%
American Century Strategic Balanced	0.85	%	1.25	%
T. Rowe Price Asset Allocation	0.85	%	1.25	%
T. Rowe Price Global Bond	0.80	%	1.75	%
Federated High Yield	0.75	%	1.15	%
Lord Abbett Bond-Debenture	0.80	%	1.20	%
DeAM Bond	0.85	%	0.99	%
PIMCO Total Return Bond	0.65	%	1.05	%
PIMCO Limited Maturity Bond	0.65	%	1.05	%
Money Market	0.50	%	0.65	%

The advisory fee for Strong International Equity reduces to a rate of 0.85% for average daily net assets in excess of $75 million, and Neuberger Berman Mid-Cap Value, Neuberger Berman Mid-Cap Growth and Alliance Growth reduces to a rate of 0.85% for average daily net assets in excess of $1 billion. During the year ended December 31, 2003, the Investment Manager has voluntarily waived advisory fees from, the Money Market equal to 0.05% of the average net assets, and 0.05% of the average daily net assets in excess of $1 billion from Alliance Growth and Income, PIMCO Total Return Bond, INVESCO Capital Income and Marsico Capital Growth. Also, Goldman Sachs Concentrated Growth has voluntarily waived advisory fees equal to 0.07% on all assets less than $1 billion and 0.05% on all assets greater than $1 billion. The Investment Manager has voluntarily waived advisory fees for the year ended December 31, 2003, for: DeAM Large-Cap Value, DeAM Large-Cap Growth, Goldman Sachs Mid-Cap Growth and William Blair International Growth equal to 0.10% of the average net assets; and DeAM International Equity, DeAM Bond, DeAM Small-Cap Growth and DeAM Small-Cap Value, equal to 0.15% of the average net assets.

The Trust has adopted a Distribution Plan (the “Plan”) under Rule 12b-1 of the Investment Company Act of 1940. The Plan permits American Skandia Marketing, Incorporated (“ASMI”) to receive brokerage commissions in connection with purchases and sales of securities by the Portfolios, and to use these commissions to promote the sale of variable contracts, the premiums for which are invested in shares of the Trust. Under the Plan, securities transactions for a Portfolio may be directed to certain brokers for execution (“clearing brokers”) who have agreed to pay part of the brokerage commissions received on these transactions to ASMI for “introducing” transactions to the clearing broker. In turn, ASMI uses the brokerage commissions received as an introducing broker to pay various distribution-related expenses, such as advertising, printing of sales materials, and payments to dealers.

Commissions received by ASMI under the Plan are reflected in the cost of securities purchased and the proceeds from the sale of securities. These commissions are shown in the Statements of Operations as “Distribution Fees” and a corresponding reduction “Fees Paid Indirectly”. Net expenses of the Portfolios are unaffected by these commissions. For the year ended December 31, 2003, commissions received by ASMI totaled $8,091,627.

306

The Trust excluding DeAM Global Allocation Portfolio has entered into an agreement with American Skandia Life Assurance Corporation (“ASLAC”) pursuant to which it pays ASLAC a shareholder servicing fee at an annual rate of 0.10% of each Portfolio’s average daily net assets.

Certain officers and Trustees of the Trust are officers or directors of the Investment Manager. The Trust pays no compensation directly to its officers or interested Trustees. The Investment Manager also pays for occupancy and certain clerical and administrative expenses. The Trust bears all other costs and expenses.

4. PORTFOLIO SECURITIES TRANSACTIONS

The aggregate cost of purchases and the proceeds from the sales of securities (excluding government securities and short-term issues) for the year ended December 31, 2003 were as follows:


	Cost of Purchases		Proceeds from Sales
Strong International Equity	$	161,451,933	$	220,550,114
William Blair International Growth		403,422,440		305,592,621
American Century International Growth		632,044,205		718,444,005
DeAM International Equity		180,489,449		181,807,676
MFS Global Equity		59,765,236		38,803,953
PBHG Small-Cap Growth		289,855,047		316,332,734
DeAM Small-Cap Growth		605,674,176		622,523,199
Federated Aggressive Growth		199,848,034		92,006,563
Goldman Sachs Small-Cap Value		196,421,533		268,191,035
Gabelli Small-Cap Value		200,199,634		132,649,296
DeAM Small-Cap Value		61,216,106		35,697,784
Goldman Sachs Mid-Cap Growth		121,598,818		54,661,241
Neuberger Berman Mid-Cap Growth		454,851,703		464,975,328
Neuberger Berman Mid-Cap Value		556,840,586		542,551,822
Alger All-Cap Growth		565,833,912		597,249,090
Gabelli All-Cap Value		57,069,746		33,525,492
T. Rowe Price Natural Resources		62,563,058		48,816,099
Alliance Growth		143,923,865		194,684,705
MFS Growth		1,385,815,617		1,423,339,037
Marsico Capital Growth		1,184,542,918		1,011,921,672
Goldman Sachs Concentrated Growth		236,165,471		488,413,269
DeAM Large-Cap Growth		114,892,316		119,905,519
DeAM Large-Cap Value		171,570,182		177,766,860
Alliance/Bernstein Growth + Value		31,246,637		10,775,873
Sanford Bernstein Core Value		158,935,290		206,251,025
Cohen & Steers Realty		118,133,172		69,705,975
Sanford Bernstein Managed Index 500		203,761,172		219,327,024
American Century Income & Growth		205,636,902		223,996,556

307

American Skandia Trust

Notes To Financial Statements (continued)

December 31, 2003


	Cost of Purchases		Proceeds from Sales
Alliance Growth and Income	$	1,025,984,115	$	824,935,283
MFS Growth with Income		84,963,568		81,441,407
INVESCO Capital Income		553,372,645		648,737,280
DeAM Global Allocation		46,268,679		109,067,857
American Century Strategic Balanced		158,090,830		165,296,288
T. Rowe Price Asset Allocation		130,705,634		121,028,082
T. Rowe Price Global Bond		155,238,746		114,881,336
Federated High Yield		680,421,357		462,357,429
Lord Abbett Bond-Debenture		247,287,807		157,853,469
DeAM Bond		100,244,621		86,496,672
PIMCO Total Return Bond		1,178,957,582		1,197,643,265
PIMCO Limited Maturity Bond		182,690,466		116,491,731

Written options transactions, during the year ended December 31, 2003, were as follows:


	PIMCO Total Return Bond					PIMCO Limited Maturity
	Number of Contracts/ Swap Notional Amount $(000)		Premium			Number of Contracts	Premium
Balance at beginning of year	308,308		$	10,670,168		—	$	—
Written options	10,535			6,758,646		101,400		929,078
Written swap options	95,300			1,335,222		—		—
Expired options	(17,198	)		(9,281,433	)	—		—
Expired swap options	(78,000	)		(803,058	)	—		—
Closed options	(153	)		(152,766	)	—		—
Closed swap options	(61,000	)		(430,242	)	—		—

Balance at end of year	257,792		$	8,096,548		101,400	$	929,078

At December 31, 2003, PIMCO Total Return Bond and PIMCO Limited Maturity had sufficient cash and/or securities at least equal to the value of written options.

5. TAX AND DISTRIBUTION INFORMATION

Each Portfolio intends to qualify as a regulated investment company under the Internal Revenue Code and to distribute all of its taxable income, including any net realized gains on investments, to shareholders. Accordingly, no provision for federal income or excise tax has been made.

Income and capital gains of the Portfolios are determined in accordance with both tax regulations and accounting principles generally accepted in the United States of America. Such determinations may result in temporary and permanent differences between tax basis earnings and earnings reported for financial statement purposes. Temporary differences that result in over-distributions for financial statement purposes are classified as distributions in excess of net investment income or accumulated net realized gains or loss. Permanent differences in the recognition of

308

earnings are reclassified between undistributed net investment income and accumulated net realized gain or loss or to additional paid-in capital, as appropriate. Distributions in excess of tax-basis earnings are recorded as a return of capital.

In order to present undistributed net investment income and accumulated net realized capital gains or losses on the Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to undistributed net investment income and accumulated net realized gain or loss on investments. For the year ended December 31, 2003 the adjustments were as follows:


Portfolio	Undistributed Net Investment Income			Accumulated Net Realized Gain or Loss			Paid-In Capital
Strong International Equity (a)(i)	$	4,329,712		$	(4,329,712	)	$	—
William Blair International Growth (a)(b)(i)		(13,499,429	)		13,309,822			189,607
American Century International Growth (a)(i)		961,577			(1,442,025	)		480,448
DeAM International Equity (a)(b)(i)		1,194,831			(1,194,831	)		—
MFS Global Equity (a)		(26,835	)		26,835			—
PBHG Small-Cap Growth (c)(i)		4,366,843			(2,510,144	)		(1,856,699	)
DeAM Small-Cap Growth (d)(c)(i)		1,429,548			(723,570	)		(705,978	)
Federated Aggressive Growth (a)(c)		862,698			(862,698	)		—
Goldman Sachs Small-Cap Value (d)(i)		(261,903	)		261,903			—
Gabelli Small-Cap Value (d)(i)		(129,398	)		129,398			—
DeAM Small-Cap Value (d)		(8,512	)		8,512			—
Goldman Sachs Mid-Cap Growth (c)		506,402			—			(506,402	)
Neuberger Berman Mid-Cap Growth (c)(i)		7,189,862			(4,610,167	)		(2,579,695	)
Neuberger Berman Mid-Cap Value (i)		(135,025	)		135,025
Alger All-Cap Growth (c)		1,951,877			—			(1,951,877	)
Gabelli All-Cap Value (a)		(2,049	)		2,049			—
T. Rowe Price Natural Resources (a)(b)(d)(i)		2,262,295			(2,262,295	)		—
Alliance Growth (c)(i)		323,556			1,059			(324,615	)
MFS Growth (a)(c)(i)		1,066,340			9,402			(1,075,742	)
Marsico Capital Growth (a)(c)(i)		4,857,940			(2,074,481	)		(2,783,459	)
Goldman Sachs Concentrated Growth (c)(i)		3,252,438			(320,308	)		(2,932,130	)
DeAM Large-Cap Growth (c)		30,849			—			(30,849	)
DeAM Large-Cap Value (d)		(32,065	)		32,065			—
Cohen & Steers Realty (a)(d)(e)(i)		(2,337,563	)		2,337,563			—
Sanford Bernstein Managed Index 500 (d)		(79,540	)		79,540			—
American Century Income & Growth (i)		(111,081	)		18,085			92,996
Alliance Growth and Income (i)		—			598			(598	)
MFS Growth with Income (a)(i)		(9,966	)		9,966			—
INVESCO Capital Income (h)(i)		82,442			(82,442	)		—
DeAM Global Allocation (i)		1,082,688			(1,082,688	)		—
American Century Strategic Balanced (a)(h)(i)		198,038			(198,038	)		—
T. Rowe Price Asset Allocation (a)(b)(d)(h)(i)		(86,765	)		86,765			—
T. Rowe Price Global Bond (a)(h)(i)		3,856,449			(3,856,449	)		—

309

American Skandia Trust

Notes To Financial Statements (continued)

December 31, 2003


Portfolio	Undistributed Net Investment Income			Accumulated Net Realized Gain or Loss			Paid-In Capital
Lord Abbett Bond-Debenture (h)	$	20,160		$	(20,160	)	$	—
DeAM Bond (h)		514,185			(514,185	)		—
Money Market Portfolio (h)		(18,923	)		(514	)		19,437
PIMCO Total Return Bond (a)(h)(i)(j)		24,160,731			(24,160,731	)		—
PIMCO Limited Maturity Bond (a)(h)(j)		7,990,662			(7,990,662	)		—

(a) Reclassification of net foreign currency gains or losses.

(b) Reclassification of book to tax differences due to the sale of passive foreign investment companies.

(d) Reclassification of REIT distribution.

(e) Reclassification of book to tax differences due to the sale of REIT.

(f) Reclassification of bifurcation on sale of foreign bond.

(g) Reclassification of premium amortization.

(h) Due to other adjustments.

(i) Reclassification of paydowns.

(j) Reclassification of swap interest payments.

For the year ended December 31, 2003, the tax character of the dividends paid, as reflected in the Statements of Changes in Net Assets were:


Portfolio	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distributions
Strong International Equity	$	2,687,610	$	—	$	—	$	2,687,610
William Blair International Growth		—		—		—		—
American Century International Growth		5,697,702		—		474,188		6,171,890
DeAM International Equity		787,176		—		—		787,176
MFS Global Equity		121,731		—		—		121,731
PBHG Small-Cap Growth		—		—		—		—
DeAM Small-Cap Growth		—		—		—		—
Goldman Sachs Small-Cap Value		2,448,006		—		—		2,448,006
Gabelli Small-Cap Value		998,184		—		—		998,184
DeAM Small-Cap Value		20,010		—		—		20,010
Neuberger Berman Mid-Cap Value		1,718,079		—		—		1,718,079
Gabelli All-Cap Value		880,134		—		—		880,134
T. Rowe Price Natural Resources		1,610,638		2,249,299		—		3,859,937
Goldman Sachs Concentrated Growth		3,836,920		—		—		3,836,920
DeAM Large-Cap Growth		36,105		—		—		36,105
DeAM Large-Cap Value		898,632		—		—		898,632
Alliance/Bernstein Growth + Value		201,627		—		—		201,627
Sanford Bernstein Core Value		1,344,832		—		—		1,344,832
Cohen & Steers Realty		6,935,947		4,037,564		—		10,973,511
Sanford Bernstein Managed Index 500		5,460,558		—		—		5,460,558
American Century Income & Growth		3,198,975		—		—		3,198,975

310


Portfolio	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distributions
Alliance Growth and Income	$	15,225,927	$	—	$	—	$	15,225,927
MFS Growth with Income		325,327		—		—		325,327
INVESCO Capital Income		15,175,707		—		—		15,175,707
DeAM Global Allocation		3,336,217		—		—		3,336,217
American Century Strategic Balanced		4,190,899		—		—		4,190,899
T. Rowe Price Asset Allocation		7,112,841		—		—		7,112,841
T. Rowe Price Global Bond		7,341,835		393,861		—		7,735,696
Federated High Yield		48,256,122		—		—		48,256,122
Lord Abbett Bond-Debenture		6,806,378		—		—		6,806,378
DeAM Bond		7,221,807		—		—		7,221,807
PIMCO Total Return Bond		125,943,541		40,010,460		—		165,954,001
PIMCO Limited Maturity Bond		33,374,842		4,751,365		—		38,126,207
Money Market		15,785,832		—		—		15,785,832

For the year ended December 31, 2002, the tax character of the dividends paid, as reflected in the Statements of Changes in Net Assets were:


Portfolio	Ordinary Income		Long-Term Capital Gain		Total Distributions
Strong International Equity	$	2,560,668	$	—	$	2,560,668
William Blair International Growth		18,118,140		—		18,118,140
MFS Global Equity		6,556		—		6,556
Federated Aggressive Growth		233,692		—		233,692
Goldman Sachs Small-Cap Value		27,258,170		18,572,388		45,830,558
Gabelli Small-Cap Value		7,016,045		3,857,653		10,873,698
Neuberger Berman Mid-Cap Value		30,970,516		19,567,222		50,537,738
Gabelli All-Cap Value		976,757		—		976,757
T. Rowe Price Natural Resources		6,092,777		1,489,130		7,581,907
Goldman Sachs Concentrated Growth		13,672,817		—		13,672,817
DeAM Large-Cap Value		162,043		—		162,043
Alliance/Bernstein Growth + Value		199,375		—		199,375
Sanford Bernstein Core Value		154,357		—		154,357
Cohen & Steers Realty		4,940,078		—		4,940,078
Sanford Bernstein Managed Index 500		5,998,962		—		5,998,962
American Century Income & Growth		3,169,121		—		3,169,121
Alliance Growth and Income		61,586,458		34,948,202		96,534,660
MFS Growth with Income		420,906		—		420,906
INVESCO Capital Income		24,256,471		—		24,256,471
DeAM Global Allocation		14,492,971		—		14,492,971
American Century Strategic Balanced		4,499,131		—		4,499,131
T. Rowe Price Asset Allocation		8,649,475		11,079,330		19,728,805

311

American Skandia Trust

Notes To Financial Statements (continued)

December 31, 2003


Portfolio	Ordinary Income		Long-Term Capital Gain		Total Distributions
Federated High Yield	$	55,265,646	$	—	$	55,265,646
Lord Abbett Bond-Debenture		2,416,133		—		2,416,133
PIMCO Total Return Bond		95,609,796		12,282,200		107,891,996
PIMCO Limited Maturity Bond		35,056,557		—		35,056,557
Money Market		36,239,903		—		36,239,903

The tax character of distributable earnings at December 31, 2003 was:


Portfolio	Ordinary Income		Long-Term Capital Gain
Strong International Equity	$	3,597,866	$	—
William Blair International Growth		7,604,485		—
American Century International Growth		—		—
DeAM International Equity		2,339,322		—
MFS Global Equity		221,874		—
PBHG Small-Cap Growth		—		—
DeAM Small-Cap Growth		—		—
Federated Aggressive Growth		4,045,919		—
Goldman Sachs Small-Cap Value		696,491		4,161,394
Gabelli Small-Cap Value		42,814		—
DeAM Small-Cap Value		1,486,307		1,564,069
Goldman Sachs Mid-Cap Growth		—		—
Neuberger Berman Mid-Cap Growth		—		—
Neuberger Berman Mid-Cap Value		1,190,224		26,886,646
Alger All-Cap Growth		—		—
Gabelli All-Cap Value		512,672		—
T. Rowe Price Natural Resources		1,843,388		—
Alliance Growth		—		—
MFS Growth		—		—
Marsico Capital Growth		—		—
Goldman Sachs Concentrated Growth		—		—
DeAM Large-Cap Growth		—		—
DeAM Large-Cap Value		1,225,279		—
Alliance/Bernstein Growth + Value		229,760		—
Sanford Bernstein Core Value		8,247,305		—
Cohen & Steers Realty		7,684,744		4,721,132
Sanford Bernstein Managed Index 500		4,631,826		—
American Century Income & Growth		3,630,621		—
Alliance Growth and Income		13,715,428		—
MFS Growth with Income		403,670		—
INVESCO Capital Income		9,261,999		—

312


Portfolio	Ordinary Income		Long-Term Capital Gain
DeAM Global Allocation	$	2,868,023	$	—
American Century Strategic Balanced		3,257,861		—
T. Rowe Price Asset Allocation		5,760,759		—
T. Rowe Price Global Bond		16,891,538		1,509,137
Federated High Yield		58,039,797		—
Lord Abbett Bond-Debenture		13,892,148		—
DeAM Bond		6,587,781		681,514
PIMCO Total Return Bond		85,249,707		15,173,281
PIMCO Limited Maturity Bond		35,683,588		5,348,709
Money Market		27,469		—

These amounts differ from undistributed net investment income on the Statements of Assets and Liabilities primarily due to timing differences.

At December 31, 2003, the following Portfolios had, for federal income tax purposes, capital loss carryforwards available to offset future net realized capital gains:


	Expiration December 31,
Portfolio	Total		2008		2009		2010		2011
Strong International Equity	$	187,634,414	$	—	$	100,807,480	$	76,213,067	$	10,613,867
William Blair International Growth		262,834,328		—		93,897,621		123,994,607		44,942,100
American Century International Growth		288,132,693		79,504,524		104,641,134		95,978,351		8,008,684
DeAM International Equity		165,358,319		43,648,402		107,473,503		14,236,414		—
MFS Global Equity		11,078,864		102,871		2,025,569		6,125,096		2,825,328
PBHG Small-Cap Growth		223,311,073		—		157,029,918		66,281,155		—
DeAM Small-Cap Growth		300,230,534		—		216,945,355		83,285,179		—
Federated Aggressive Growth		—		—		—		—		—
Goldman Sachs Small-Cap Value		—		—		—		—		—
Gabelli Small-Cap Value		3,742,822		—		—		3,742,822		—
DeAM Small-Cap Value		—		—		—		—		—
Goldman Sachs Mid-Cap Growth		84,438,560		—		58,496,027		25,942,533		—
Neuberger Berman Mid-Cap Growth		393,730,075		—		270,207,817		122,095,636		1,426,622
Neuberger Berman Mid-Cap Value		—		—		—		—		—
Alger All-Cap Growth		436,369,084		56,105,001		208,714,661		171,549,422		—
Gabelli All-Cap Value		28,106,272		—		1,815,571		21,341,849		4,948,852
T. Rowe Price Natural Resources		2,789,355		—		—		—		2,789,355
Alliance Growth		262,150,877		—		134,760,953		95,931,726		31,458,198
MFS Growth		458,347,610		—		259,923,499		198,424,111		—
Marsico Capital Growth		344,302,754		—		209,783,108		134,519,646		—
Goldman Sachs Concentrated Growth		954,099,195		156,116,090		465,068,305		179,588,458		153,326,342
DeAM Large-Cap Growth		9,151,713		—		—		9,151,713		—

313

American Skandia Trust

Notes To Financial Statements (continued)

December 31, 2003


	Expiration December 31,
Portfolio	Total		2008		2009		2010		2011
DeAM Large-Cap Value	$	21,532,998	$	—	$	3,927,079	$	15,949,510	$	,656,409
Alliance/Bernstein Growth + Value		5,284,212		—		—		4,092,914		1,191,298
Sanford Bernstein Core Value		—		—		—		—		—
Cohen & Steers Realty		—		—		—		—		—
Sanford Bernstein Managed Index 500		159,385,659		—		59,806,425		69,268,601		30,310,633
American Century Income & Growth		88,982,431		9,602,532		33,041,332		29,933,758		16,404,809
Alliance Growth and Income		316,348,367						254,824,843		61,523,524
MFS Growth with Income (a)		31,736,461		303,576		11,842,307		15,076,348		4,512,375
INVESCO Capital Income		102,862,892		—		16,409,726		86,453,166		—
DeAM Global Allocation		102,070,572		13,319,609		35,338,513		48,177,607		5,234,843
American Century Strategic Balanced		23,087,262		—		6,031,874		14,469,531		2,585,857
T. Rowe Price Asset Allocation		16,301,159		—		—		11,926,235		4,374,924
Federated High Yield (b)		208,313,692		17,797,821		61,793,618		87,452,429		37,484,899

(a) MFS Growth with Income had additional capital loss carryforwards of $1,855 expiring in 2007.

(b) Federated High Yield had additional capital loss carryforwards of $3,784,925 expiring in 2007.

The following Portfolios elected to treat post-October losses incurred in the period November 1, 2003 through December 31, 2003 as having occurred in the following fiscal year:


	Post October Losses
Portfolio	Currency		Capital
William Blair International	$	88,218	$	—
American Century International		95,519		—
MFS Global Equity		9,817		—
Federated Aggressive Growth		126		—
Alger All-Cap Growth		—		1,294,094
Alliance Growth		—		1,178,467
MFS Growth		11,725		—
Marsico Capital Growth		—		389,872
Alliance/Bernstein Growth + Value		—		152,682
Sanford Bernstein Core Value		—		16,153
Sanford Bernstein Managed Index 500		—		514.201
American Century Income & Growth		—		883,892
MFS Growth with Income		—		367,628
T. Rowe Price Global Bond		97,518		—

314

At December 31, 2003, the cost and unrealized appreciation or depreciation in value of the investments for federal income tax purposes, were as follows:


Portfolio	Tax Basis		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Other Temporary Differences		Net Unrealized Appreciation (Depreciation)
Strong International Equity	$	263,949,985	$	74,889,125	$	(1,190,500	)	$	7,559	$	73,698,625
William Blair International Growth		386,574,536		113,761,043		(688,051	)		10,843		113,072,992
American Century International Growth		316,883,579		63,210,753		(744,195	)		8,099		62,466,558
DeAM International Equity		139,676,490		21,357,050		(2,493,914	)		3,028		18,863,136
MFS Global Equity		87,738,098		15,715,155		(436,015	)		877		15,279,140
PBHG Small-Cap Growth		308,656,062		81,739,007		(3,326,996	)		7,944		78,412,011
DeAM Small-Cap Growth		375,955,658		67,381,489		(9,357,308	)		8,521		58,024,181
Federated Aggressive Growth		150,828,784		39,639,798		(3,565,966	)		548		36,073,832
Goldman Sachs Small-Cap Value		316,977,146		74,313,255		(8,201,587	)		252,037		66,111,668
Gabelli Small-Cap Value		663,245,922		154,782,982		(24,695,482	)		7,958		130,087,500
DeAM Small-Cap Value		40,468,342		4,334,171		(297,323	)		135		4,036,848
Goldman Sachs Mid-Cap Growth		175,145,186		20,726,775		(763,390	)		1,000		19,963,385
Neuberger Berman Mid-Cap Growth		444,768,670		71,486,385		(2,086,925	)		7,191		69,399,460
Neuberger Berman Mid-Cap Value		1,056,472,183		175,595,838		(6,839,332	)		14,213		168,756,506
Alger All-Cap Growth		472,052,171		65,581,591		(5,412,577	)		6,968		60,169,014
Gabelli All-Cap Value		204,721,699		24,840,274		(5,383,814	)		1,710		19,456,460
T. Rowe Price Natural Resources		182,508,277		28,265,942		(5,592,435	)		2,715		22,673,507
Alliance Growth		252,867,412		18,927,122		(5,261,705	)		5,590		13,665,417
MFS Growth		668,428,593		21,689,579		(8,865,505	)		9,444		12,824,074
Marsico Capital Growth		1,710,987,919		380,799,540		(2,314,980	)		22,587		378,484,560
Goldman Sachs Concentrated Growth		1,212,254,816		175,751,421		(38,369,421	)		41,770		137,382,000
DeAM Large-Cap Growth		99,392,056		9,612,352		(1,365,140	)		770		8,247,212
DeAM Large-Cap Value		140,200,845		16,538,503		(1,531,098	)		1,294		15,007,405
Alliance/Bernstein Growth & Value		75,363,179		8,053,023		(1,282,936	)		436		6,770,087
Sanford Bernstein Core Value		214,641,602		29,488,868		(1,106,816	)		1,795		28,382,052
Cohen & Steers Realty		254,185,132		50,076,373		(1,065,299	)		2,739		49,011,074
Sanford Bernstein Managed Index 500		581,615,179		65,114,964		(30,478,320	)		9,337		34,636,644
American Century Income & Growth		401,004,679		33,732,776		(22,964,291	)		5,688		10,768,485
Alliance Growth and Income		1,924,416,007		213,351,244		(27,585,760	)		24,865		185,765,484
MFS Growth with Income		126,662,657		6,660,038		(1,289,721	)		1,370		5,370,317
INVESCO Capital Income		624,813,490		49,432,012		(4,087,803	)		14,662		45,344,209
DeAm Global Allocation		251,550,093		10,882,768		—			6,805		10,882,768
American Century Strategic Balanced		287,365,773		18,326,680		(2,713,054	)		3,443		15,613,626
T. Rowe Price Asset Allocation		374,243,988		47,816,211		(7,176,682	)		4,940		40,639,529
T. Rowe Price Global Bond		195,506,988		17,550,053		—			4,184		17,550,053
Federated High Yield		829,470,111		60,132,041		(34,693,479	)		10,293		25,438,562
Lord Abbett Bond-Debenture		316,124,341		15,745,755		(1,027,973	)		1,822		14,717,782
DeAm Bond		119,590,649		1,485,564		(452,322	)		1,340		1,033,242
PIMCO Total Return Bond		2,085,258,426		32,432,092		(12,409,486	)		32,823		20,022,606
PIMCO Limited Maturity Bond		898,669,804		13,813,000		(3,565,781	)		14,568		10,247,219

315

American Skandia Trust

Notes To Financial Statements (continued)

December 31, 2003

The differences between book basis and tax basis of investments are primarily attributable to deferred losses on wash sales and mark to market on passive foreign investment companies.

6. LINE OF CREDIT

The Portfolios and other affiliated funds participate in a $200 million unsecured, committed line of credit, provided by a syndication of banks, under a line of credit agreement. Borrowings may be made for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Any borrowings must be repaid within 30 days of their receipt. Interest is charged to each Portfolio, based on its borrowings, at a premium above the Federal Funds Rate. In addition, a commitment fee, equal to an annual rate of 0.09% of the average daily unused portion of the line of credit, is allocated among the participants at the end of each quarter. For the year ended December 31, 2003, there were twenty-four Portfolios borrowing under the agreement, by the Trust.


Portfolio	Average Advances Outstanding During the Period		Average Interest Rate		Number of Days Advances Outstanding During the period	Outstanding Borrowings at December 31, 2003
Strong International Equity	$	1,625,000	1.481	%	4	$	1,000,000
William Blair International Growth		11,250,000	1.555	%	8		—
American Century International Growth		5,340,000	1.683	%	25		—
PBHG Small-Cap Growth		2,058,824	1.814	%	17		—
Federated Aggressive Growth		3,828,571	1.596	%	28		—
Gabelli Small-Cap Value		6,611,111	1.780	%	18		—
Alger All-Cap Growth		2,789,286	1.609	%	28		—
Gabelli All-Cap Value		2,666,667	1.781	%	39		—
T. Rowe Price Natural Resources		2,500,000	1.779	%	6		—
Alliance Growth		4,320,000	1.731	%	15		—
MFS Growth		2,750,000	1.523	%	4		3,000,000
Marsico Capital Growth		6,741,935	1.792	%	31		—
Goldman Sachs Concentrated Growth		10,675,472	1.679	%	53		—
Alliance/Bernstein Growth + Value		1,000,000	1.820	%	8		—
Sanford Bernstein Core Value		38,785,714	1.616	%	14		—
Sanford Bernstein Managed Index 500		6,454,839	1.731	%	31		—
American Century Income & Growth		8,421,053	1.752	%	19		—
Alliance Growth and Income		8,464,286	1.772	%	28		—
MFS Growth with Income		4,000,000	1.766	%	4		—
INVESCO Capital Income		3,666,667	1.646	%	9		—
American Century Strategic Balanced		2,000,000	1.875	%	3		—
T. Rowe Price Global Bond		7,000,000	1.750	%	2		—
Federated High Yield		30,437,500	1.545	%	16		—
Lord Abbett Bond-Debenture		5,761,905	1.686	%	42		—

316

7. SUBSEQUENT EVENTS

On January 8, 2004, the Board of Trustees of the Trust approved JP Morgan Fleming Asset Management USA, Inc. to replace Strong Capital Management, Inc. as the sub-adviser on the AST Strong International Equity Portfolio. Upon transition, the Portfolio’s name will change to AST JP Morgan International Equity Portfolio. The transition is expected to take place on or about February 23, 2004.

On November 19, 2003, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the “Plan”) which provides for the transfer of all assets of the following portfolios for shares of the acquiring portfolios and the assumption of the liabilities of the portfolios. These portfolio reorganizations are still subject to shareholder approval.


Portfolio		Acquiring Portfolio
American Century International Growth		William Blair International Growth
DeAM Bond		PIMCO Total Return Bond
DeAM Large-Cap Growth		Goldman Sachs Concentrated Growth
MFS Growth with Income		American Century Income & Growth

8. CHANGE IN INDEPENDENT AUDITORS

Deloitte & Touche LLP was previously the independent auditors for the Trust. The decision to change the independent auditors was approved by the Audit Committee and by the Board of Trustees in a meeting held on September 4, 2003, resulting in KPMG LLP’s appointment as independent auditors of the Trust.

The reports on the financial statements of the Trust audited by Deloitte & Touche LLP for the years ended December 31, 2002 and 2001 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. There were no disagreements between the Trust and Deloitte & Touche LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures.

317

Independent Auditors’ Report

The Board of Trustees and Shareholders of

American Skandia Trust:

We have audited the accompanying statements of assets and liabilities of the American Skandia Trust (comprised of AST Alger All-Cap Growth Portfolio, AST Alliance Growth & Income Portfolio, AST Alliance Growth Portfolio, AST Alliance/Bernstein Growth & Value Portfolio, AST American Century Income & Growth Portfolio, AST American Century International Growth Portfolio, AST American Century Strategic Balanced Portfolio, AST Cohen & Steers Realty Portfolio, AST DeAM Bond Portfolio, AST DeAM Global Allocation Portfolio, AST DeAM International Equity Portfolio, AST DeAM Large-Cap Growth Portfolio, AST DeAM Large-Cap Value Portfolio, AST DeAM Small-Cap Value Portfolio, AST DeAM Small-Cap Growth Portfolio, AST Federated Aggressive Growth Portfolio, AST Federated High Yield Portfolio, AST Gabelli All-Cap Value Portfolio, AST Gabelli Small-Cap Value Portfolio, AST Goldman Sachs Concentrated Growth Portfolio, AST Goldman Sachs Mid-Cap Growth Portfolio, AST Goldman Sachs Small-Cap Value Portfolio, AST INVESCO Capital Income Portfolio, AST Lord Abbett Bond-Debenture Portfolio, AST Marsico Capital Growth Portfolio, AST MFS Global Equity Portfolio, AST MFS Growth Portfolio, AST MFS Growth with Income Portfolio, AST Money Market Portfolio, AST Neuberger Berman Mid-Cap Growth Portfolio, AST Neuberger Berman Mid-Cap Value Portfolio, AST PBHG Small-Cap Growth Portfolio, AST PIMCO Limited Maturity Bond Portfolio, AST PIMCO Total Return Bond Portfolio, AST Sanford Bernstein Core Value Portfolio, AST Sanford Bernstein Managed Index 500 Portfolio, AST Strong International Equity Portfolio, AST T. Rowe Price Asset Allocation Portfolio, AST T. Rowe Price Global Bond Portfolio, AST T. Rowe Price Natural Resources Portfolio, and AST William Blair International Growth Portfolio) (collectively “the Funds”), including the schedules of investments, as of December 31, 2003, and the related statements of operations, the statements of changes in net assets, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The statements of changes in net assets and the financial highlights for the periods presented through December 31, 2002, were audited by other auditors, whose report dated, February 14, 2003, expressed an unqualified opinion thereon.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2003, by correspondence with custodians and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds constituting the American Skandia Trust, as of December 31, 2003, and the results of their operations, the changes in their net assets, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

LOGO

New York, New York

February 11, 2004

318

Tax Information (Unaudited)

Detailed below are the percentages of ordinary income dividends paid in the fiscal year ended December 31, 2003 qualifying for the corporate dividends received deduction:


Portfolio	Corporate Dividend Received Deduction
Goldman Sachs Small-Cap Value	100	%
Gabelli Small-Cap Value	100	%
DeAM Small-Cap Value	23	%
Neuberger Berman Mid-Cap Value	100	%
Gabelli All-Cap Value	100	%
T. Rowe Price Natural Resources	37	%
Goldman Sachs Concentrated Growth	100	%
DeAM Large-Cap Growth	100	%
DeAM Large-Cap Value	100	%
Alliance/Bernstein Growth + Value	100	%
Sanford Bernstein Core Value	57	%
Cohen & Steers Realty	100	%
Sanford Bernstein Managed Index 500	100	%
American Century Income & Growth	100	%
Alliance Growth and Income	100	%
MFS Growth with Income	100	%
INVESCO Capital Income	100	%
American Century Strategic Balanced	63	%
T. Rowe Price Asset Allocation	21	%
Lord Abbett Bond-Debenture	5	%

319

MANAGEMENT OF THE TRUST

Information pertaining to the Trustees of the Trust is set forth below. Trustees who are not deemed to be “interested persons” of the Trust as defined in the Investment Company Act are referred to as “Independent Trustees.” Trustees who are deemed to be “interested persons” of the Trust are referred to as “Interested Trustees.” “Fund Complex” consists of the Trust and any other investment companies managed by Prudential Investments LLC.

Independent Trustees


Name, Address and Age**	Position With Trust	Term of Office*** and Length of Time Served	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by the Trustee****
Saul K. Fenster, Ph.D. (71)	Trustee	Since 2003	President Emeritus of New Jersey Institute of Technology (since 2002); formerly President (1978-2002) of New Jersey Institute of Technology; Commissioner (1998-2002) of the Middle States Association Commission on Higher Education; Commissioner (1985-2002) of the New Jersey Commission on Science and Technology; Director (since 1998) Society of Manufacturing Engineering Education Foundation, Director (since 1995) of Prosperity New Jersey; formerly a director or trustee of Liberty Science Center, Research and Development Council of New Jersey, New Jersey State Chamber of Commerce, and National Action Council for Minorities in Engineering.	78	Member (since 2000), Board of Directors of IDT Corporation.

Delayne Dedrick Gold (64)	Trustee	Since 2003	Marketing Consultant (1982-present); formerly Senior Vice President and Member of the Board of Directors, Prudential Bache Securities, Inc.	89

Julian A. Lerner (79)	Trustee Emeritus	Since 1996	Senior Vice President and Portfolio Manager (1986-1995); AIM Charter Fund and AIM Summit Fund.	41

W. Scott McDonald, Jr. (67)	Trustee	Since 2003	Management Consultant (since 1997) at Kaludis Consulting Group, Inc. (company serving higher education); Formerly, principal (1995-1997), Scott McDonald & Associates, Chief Operating Officer (1991-1995), Fairleigh Dickinson University, Executive Vice President and Chief Operating Officer (1975-1991), Drew University, interim President (1988-1990), Drew University and former Director of School, College and University Underwriters Ltd.	78

320


Name, Address and Age**	Position With Trust	Term of Office*** and Length of Time Served	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by the Trustee****
Thomas T. Mooney (62)	Trustee	Since 2003	Chief Executive Officer, the Rochester Business Alliance, formerly President of the Greater Rochester Metro Chamber of Commerce, Rochester City Manager; formerly Deputy Monroe County Executive; Director of Blue Cross of Rochester and Executive Service Corps of Rochester; Director of the Rochester Individual Practice Association; Director of Rural Metro Ambulance Rochester (since 2003).	81	Director (since 1988) of The High Yield Plus Fund, Inc.

Thomas M. O’Brien (53)	Trustee	Since 1992	President and Chief Executive Officer (since May 2000) of Atlantic Bank of New York; Vice Chairman (January 1997-April 2000) of North Fork Bank; President and Chief Executive Officer (December 1984-December 1996) of North Side Savings Bank.	77	Director (December 1996-May 2000) of North Fork Bank; Director (since May 2000) of Atlantic Bank of New York.

John A. Pileski (64)	Trustee	Since 2001	Retired since June 2000; Tax Partner (July 1974-June 2000) of KPMG, LLP.	77	Director (since April 2001) of New York Community Bank; Director (since January 1997) of Director of Queens Museum of Art; Director (since May 1980) of Surf Club of Quogue, Inc.

F. Don Schwartz (68)	Trustee	Since 1992	Management Consultant (since April 1985).	77	—

Louis A. Weil, III (63)	Trustee	Since 2003	Formerly Chairman (January 1999-July 2000), President and Chief Executive Officer (January 1996-July 2000) and Director (since September 1991) of Central Newspapers, Inc.; formerly Chairman of the Board (January 1996-July 2000), Publisher and Chief Executive Officer (August 1991-December 1995) of Phoenix Newspapers, Inc.	81	—

321


Interested Trustees
Name, Address and Age**	Position With Trust	Term of Office*** and Length of Time Served	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by the Trustee****
*David R. Odenath, Jr. (47)	Chairman and Trustee	Since 2003	President of Prudential Annuities (since August 2002); Executive Vice President (since May 2003) of American Skandia Investment Services, Inc; Chief Executive Officer and Director (since May 2003) of American Skandia Life Assurance Corporation, American Skandia Information Services and Technology Corporation and Skandia U.S. Inc.; President, Chief Executive Officer and Director (since May 2003) of American Skandia Marketing, Inc.; Formerly President, Chief Executive Officer, Chief Operating Officer and Officer-In-Charge (1999-2003) of PI; Senior Vice President (since June 1999) of Prudential; formerly Senior Vice President (August 1993-May 1999) of PaineWebber Group, Inc.	115	—

*Robert F. Gunia (57)	Vice President and Trustee	Since 2003	Chief Administrative Officer (since June 1999) of Prudential Investments LLC (PI); Executive Vice President and Treasurer (since January 1996) of PI; President (since April 1999) of Prudential Investment Management Services LLC (PIMS); Corporate Vice President (since September 1997) of The Prudential Insurance Company of America (Prudential); Director, Executive Vice President and Chief Administrative Officer (since May 2003) of American Skandia Investment Services, Inc, American Skandia Advisory Services, Inc., and American Skandia Fund Services, Inc.; President (since April 1999) of Prudential Investment Management Services LLC; Executive Vice President (since March 1999) and Treasurer (since May 2000) of Prudential Mutual Fund Services LLC; formerly Senior Vice President (March 1987-May 1999) of Prudential Securities Incorporated (Prudential Securities).	112	Vice President and Director (since May 1989) and Treasurer (since 1999) of The Asia Pacific Fund, Inc.

322

Information pertaining to the Officers of the Trust who are not also Trustees is set forth below.

Officers


Name, Address and Age**	Position With Trust	Term of Office*** and Length of Time Served	Principal Occupations During Past 5 Years
Grace C. Torres (44)	Treasurer and Principal Financial and Accounting Officer	Since 2003	Senior Vice President (since January 2000) of PI; Senior Vice President and Assistant Treasurer (since May 2003) of American Skandia Investment Services, Inc. and American Skandia Advisory Services, Inc.; formerly First Vice President (December 1996-January 2000) of PI and First Vice President (March 1993-1999) of Prudential Securities.

Jonathan D. Shain (45)	Secretary	Since 2003	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2003) of American Skandia Investment Services, Inc. and American Skandia Fund Services, Inc.; formerly Attorney with Fleet Bank, N.A. (January 1997-July 1998).

Edward P. Macdonald (36)	Assistant Secretary	Since 2000	Vice President and Assistant Secretary (since May 2003) of American Skandia Investment Services, Inc.; Chief Counsel, Investment Management of American Skandia, Inc. (ASI) (since July 2002); Senior Counsel, Securities of ASI (September 2000-June 2002); Counsel of ASI (December 1999-August 2000); Senior Associate of Counsel of ASI (April 1999-December 1999); Branch Chief, Senior Counsel and Attorney at the U.S. Securities and Exchange Commission (October 1994-April 1999).

Marguerite E. H. Morrison (48)	Chief Legal Officer and Assistant Secretary	Since 2003	Vice President and Chief Legal Officer-Mutual Funds and Unit Investment Trusts (since August 2000) of Prudential; Senior Vice President and Secretary (since April 2003) of PI; Senior Vice President and Secretary (since May 2003) of American Skandia Investment Services, Inc., American Skandia Advisory Services, Inc., and American Skandia Fund Services, Inc.; Vice President and Assistant Secretary of PIMS (since October 2001), previously Senior Vice President and Assistant Secretary (February 2001-April 2003) of PI, Vice President and Associate General Counsel (December 1996-February 2001) of PI.

323


Name, Address** and Age	Position With Trust	Term of Office*** and Length of Time Served	Principal Occupations During Past 5 Years
Maryanne Ryan (40)	Anti-Money Laundering Compliance Officer	Since 2003	Vice President, Prudential (since November 1998), First Vice President Prudential Securities (March 1997-May 1998); Anti-Money Laundering Compliance Officer (since 2003) of American Skandia Investment Services, Inc., American Skandia Advisory Services, Inc. and American Skandia Marketing, Inc.

*	“Interested” Trustee, as defined in the Investment Company Act, by reason of employment with the Manager (as defined below), and/or the Distributor (as defined below).

**	Unless otherwise noted, the address of the Trustees and Officers is c/o: Prudential Investments LLC, Gateway Center Three, 100 Mulberry Street, Newark, New Jersey 07102.

***	There is no set term of office for Trustees and Officers. The Independent Trustees have adopted a retirement policy, which calls for the retirement of Trustees on December 31 of the year in which they reach the age of 75. The table shows how long they have served as Trustee and/or Officer.

****	This column includes only directorships of companies required to register, or file reports with the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Investment Company Act.

324

American Skandia Life

Assurance Corporation

Tower One Corporate Drive

Shelton, CT 06484

PRESORTED STD

U.S. POSTAGE PAID

LOUISVILLE KY

PERMIT 1051

Annuities are sold by prospectus, which contains complete information on risk factors, fees and surrender charges, as well as conditions, limitations, and terms for keeping it in force that may apply. Please read the prospectus carefully before you invest or send money. Annuities are issued by American Skandia Life Assurance Corporation (“American Skandia”) and distributed by American Skandia Marketing Incorporated.

American Skandia is solely responsible for its respective financial condition and contractual obligations. Guarantees are based on the claims-paying ability of the issuing company. Both companies are located at One Corporate Drive, PO Box 883, Shelton, CT 06484. All are Prudential Financial companies.

B1-1203

Item 2—Code of Ethics—See Exhibit (a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies—Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 973-367-7525, and ask for a copy of the Section 406 Standards for Investment Companies—Ethical Standards for Principal Executive and Financial Officers.

Item 3—Audit Committee Financial Expert—

The registrant’s Board has determined that Mr. John A. Pileski, member of the Board’s Audit Committee is an “audit committee financial expert,” and that he is “independent,” for purposes of this Item.

Item 4—Principal Accountant Fees and Services—

Form N-CSR, Item 4. Principal Accountant Fees and Services

(a)	Audit Fees

For the fiscal year ended December 31, 2003 KPMG LLP, the Registrant’s principal accountant, billed the Registrant $667,000 (for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings. KPMG did not serve as the Registrant’s principal accountant during fiscal year 2002, so no information is provided for FY2002.

(b)	Audit-Related Fees

None.

(c)

Tax Fees

None.

(d)	All Other Fees

None.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

THE PRUDENTIAL MUTUAL FUNDS

AUDIT COMMITTEE POLICY

Pre-Approval of Services Provided by the Independent Accountants

The Audit Committee of each Prudential Mutual Fund is charged with the responsibility to monitor the independence of the Fund’s independent accountants. As part of this responsibility, the Audit Committee must pre-approve any independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

•

a review of the nature of the professional services expected to be provided,

•

a review of the safeguards put into place by the accounting firm to safeguard independence, and

•

periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund’s independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services. Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants. Proposed services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor’s independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under “Audit Services”, “Audit-related Services”, and “Tax Services” are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve.

The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services which the Committee (or the Committee Chair) would consider for pre-approval.

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants

Annual Fund financial statement audits

Seed audits (related to new product filings, as required)

SEC and regulatory filings and consents

Audit-related Services

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants:

Accounting consultations

Fund merger support services

Agreed Upon Procedure Reports

Attestation Reports

Other Internal Control Reports

Individual audit-related services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $50,000.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

Tax compliance services related to the filing or amendment of the following:

Federal, state and local income tax compliance; and,

Sales and use tax compliance

Timely RIC qualification reviews

Tax distribution analysis and planning

Tax authority examination services

Tax appeals support services

Accounting methods studies

Fund merger support services

Tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the

Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $50,000.

Other Non-audit Services

Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

Bookkeeping or other services related to the accounting records or financial statements of the Fund

Financial information systems design and implementation

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

Actuarial services

Internal audit outsourcing services

Management functions or human resources

Broker or dealer, investment adviser, or investment banking services

Legal services and expert services unrelated to the audit

Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval of Non-Audit Services Provided to Other Entities Within the Prudential Fund Complex

Certain non-audit services provided to Prudential Investments LLC or any of its affiliates that also provide ongoing services to the Prudential Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process, will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $50,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to Prudential Investments LLC and its affiliates, the Committee will receive an annual report from the Fund’s independent accounting firm showing the aggregate fees for all services provided to Prudential Investments and its affiliates.

(e)-(2) Percentage of services referred to in 4(b)- (4)(d) that were approved by the audit committee—Not applicable.

(f)	Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than 50%.

Not applicable.

(g)	Non-Audit Fees

N/A to Registrant and to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

(h) Principal Accountants Independence

Not applicable as KPMG has not provided non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

Item 5—Reserved

Item 6—Reserved

Item 7—Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies—Not required in

this filing

Item 8—Reserved

Item 9—Controls and Procedures

(a)

It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b)

There have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their

evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 10—Exhibits

(a)

Code of Ethics—attached hereto

(b)

Certifications pursuant to Section 302 and 906 of the Sarbanes-Oxley Act—Attached hereto

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



(Registrant)		American Skandia Trust


By (Signature and Title)*		/s/ Marguerite E. H. Morrison

		Marguerite E. H. Morrison Secretary



Date		February 12, 2004

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By (Signature and Title)*		/s/ David R. Odenath

		David R. Odenath President and Principal Executive Officer



Date		February 12, 2004



By (Signature and Title)*		/s/ Grace C. Torres

		Grace C. Torres Treasurer and Principal Financial Officer



Date		February 12, 2004

^* Print the name and title of each signing officer under his or her signature.